Bill Type
Short Title
PASSIVE INCOME AND FINANCIAL INTERMEDIARY TAXATION ACT
Text as Filed (File)
Congress Author
Scope
Legislative Status
Legislative Status Date
Session Sequence No.
21
Session Type
Document Certification

Legislative History

House Bill/Resolution NO. HB00304
FULL TITLE : AN ACT AMENDING SECTIONS 22, 24, 25, 27, 28, 29, 30, 32, 34, 37, 38, 39, 42, 51, 52, 54, 56, 57, 73, 108, 121, 122, 123, 174, 176, 179, 181, 182, 183, 184, 185, 186, 187, 188, 189, 190, 191, 194, 195, 196, 197, 198, AND 199; AND REPEALING SECTIONS 127, 175, 177, 178, 180, 192, AND 193; ALL UNDER REPUBLIC ACT NO. 8424, OTHERWISE KNOWN AS THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED, AND FOR OTHER PURPOSES
SHORT TITLE : Amending Sections 22, 24, 25, 27, 28, 29, 32, 34, 37, 38, 39, 42, 51, 52, 54, 56, 57, 73, 108, 121, 122, 123, 174, 176, 179, 181, 182, 183, 184, 185, 186, 187, 195, 198, And 199; And Repealing Sections 127, 175, 177, 178, 180, 192, And 193; All Under Republic Act No. 8424, Otherwise Known As The National Internal Revenue Code Of 1997, As Amended, And For Other Purposes
ABSTRACT : Covers the fourth package of the Administration's Comprehensive Tax Reform Program, making capital income taxes and financial intermediary taxes simpler, fairer and more efficient in order to fuel and direct the movement of capital rightly to where they are most needed, so that higher, sustainable, and more inclusive growth can be achieved.Proposes reforms on the following: a) tax rates on interest income and on interests, dividends, and capital gains; b) GRT rate for all Financial Intermediaries, excluding premium on insurance; c) Pre-need, pension, life and HMO insurance/non-life insurance premium tax rates; d) capital market development (IPO tax removal); e) DST of the financial sector; and f) adoption of regionally competitive tax system comparable to those neighboring ASEAN nations and their best practices.
ALIAS NAME : Passive Income and Financial Intermediary Taxation Act
PRINCIPAL AUTHOR/S : SALCEDA, JOEY SARTE, VILLAFUERTE, LUIS RAYMUND "LRAY" JR F., CUA, JUNIE E., SUANSING, ESTRELLITA B., SUANSING, HORACIO JR. P., GARIN, SHARON S., ROMERO, MICHAEL ODYLON L., HOFER, ANN K., SALVADOR-TAMBUNTING, JOY MYRA
DATE FILED : 2019-07-01
SIGNIFICANCE: NATIONAL
CO-AUTHORS (Journal Entries) :
1. Cabredo (000 2019-07-24) 2. Castro (F.H.) (000 2019-09-03)
3. Fariñas (R.C.) (000 2019-09-03) 4. Delos Santos (000 2019-09-03)
5. Deloso-Montalla (000 2019-09-04) 6. Kho (W.) (000 2019-09-10)
AUTHORS(Committee Report) :
1. Salceda 2. Villafuerte 3. Cua
4. Suansing (E.) 5. Suansing (H.) 6. Garin (S.)
7. Romero 8. Hofer 9. Salvador-Tambunting
10. Deloso-Montalla
AUTHORS(Final/Third Reading) :
1. Salceda 2. Villafuerte
3. Cua 4. Suansing (E.)
5. Suansing (H.) 6. Garin (S.)
7. Romero 8. Hofer
9. Salvador-Tambunting 10. Deloso-Montalla
11. Cabredo 12. Dalog
13. Ong (R.) 14. Bautista
15. Canama 16. Javier
17. Savellano 18. Pineda
19. Singson-Meehan 20. Amatong
21. Bautista-Bandigan 22. Barbers
23. Bolilia 24. Bravo
25. Caminero 26. Chungalao
27. Defensor (M.) 28. Gato
29. Macapagal Arroyo 30. Mangaoang
31. Robes 32. Sacdalan
33. Tallado 34. Ortega
35. Plaza 36. Valmayor
37. Gatchalian 38. Dy (F.)
39. Uy (J.) 40. Acosta
41. Agarao 42. Barzaga
43. Billones 44. Fariñas I (R.C.)
45. Gullas 46. Lagon
47. Mangudadatu 48. Mendoza
49. Momo 50. Nograles (J.J.)
51. Ong (J.) 52. Reyes
53. Romualdo 54. Salo
55. Sanchez 56. Suntay
57. Vargas 58. Abueg-Zaldivar
59. Arbison 60. Arenas
61. Aumentado 62. Calderon
63. Dimaporo (M.K.) 64. Ecleo
65. Guico 66. Herrera-Dy
67. Marquez 68. Lim
69. Matugas 70. Pimentel
71. Remulla 72. Romualdez (Y.M.)
73. Siao 74. Tulfo
75. Vargas Alfonso 76. Chipeco
77. Nava 78. Palma
79. Tan (A.S.) 80. Albano (A.)
81. Albano (R.) 82. Flores
83. Guya 84. Lacson
85. Padiernos 86. Suarez (A.)
87. Dimaporo (A.) 88. Villanueva (N.)
89. Andaya 90. Babasa
91. Collantes 92. Del Mar
93. Garcia (P.J.) 94. Silverio
95. Jalosjos 96. Almario
97. Bulut 98. Enverga
99. Estrella 100. Fongwan
101. Bustos 102. Nieto
103. Pacquiao (R.) 104. Ebcas
105. Castro (F.H.) 106. Romualdez (F.M.)
107. Delos Santos 108. Duterte
109. Lara 110. Uy (R.)
111. Ty (D.) 112. Dy (F.M.C.)
113. Limkaichong 114. Marcoleta
115. Cari 116. Zamora (R.)
AUTHORSHIP WITHDRAWALS:
Canama(2020-02-12)
()
ACTIONS TAKEN BY THE COMMITTEE
COMMITTEE REPORT NO. 00004
SUBMITTED ON 2019-08-29
SUBMITTED BY: WAYS AND MEANS
RECOMMENDATIONS: Approval with amendment, in consolidation with House Bills Numbered 1907, 2086, 2399, 2553, 2958 and 3359
COMMITTEE REPORT AUTHORS : SALCEDA, JOEY SARTE, VILLAFUERTE, LUIS RAYMUND "LRAY" JR F., CUA, JUNIE E., SUANSING, ESTRELLITA B., SUANSING, HORACIO JR. P., GARIN, SHARON S., ROMERO, MICHAEL ODYLON L., HOFER, ANN K., SALVADOR-TAMBUNTING, JOY MYRA, DELOSO-MONTALLA, CHERYL P.
CONSOLIDATED BILLS: HB01907, HB02086, HB02399, HB02553, HB02958, HB03359
ACTIONS TAKEN BY THE COMMITTEE ON RULES
REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2019-07-23
DATE INCLUDED IN OB: 2019-09-02
DATE CALENDARED : 2019-09-03
SECOND READING INFORMATION
PERIOD OF SPONSORSHIP : 2019-09-03
SPONSORED BY :  Suansing (E.);Garin (S.);Salceda
DATE SPONSORSHIP/DEBATE CLOSED: 2019-09-04
PERIOD OF COMMITTEE AMENDMENTS : 2019-09-04
AMENDED BY THE COMMITTEE(S) ON : SALCEDA, JOEY S.
PERIOD OF INDIVIDUAL AMENDMENTS : 2019-09-04
AMENDED BY : Garin (S.)
FINAL LIST OF AUTHORS : Salceda, Villafuerte, Cua, Suansing (E.), Suansing (H.), Garin (S.), Romero, Hofer, Salvador-Tambunting, Deloso-Montalla, Cabredo, Dalog, Ong (R.), Bautista, Canama, Javier, Savellano, Pineda, Singson-Meehan, Amatong, Bautista-Bandigan, Barbers, Bolilia, Bravo, Caminero, Chungalao, Defensor (M.), Gato, Macapagal Arroyo, Mangaoang, Robes, Sacdalan, Tallado, Ortega, Plaza, Valmayor, Gatchalian, Dy (F.), Uy (J.), Acosta, Agarao, Barzaga, Billones, Fariñas I (R.C.), Gullas, Lagon, Mangudadatu, Mendoza, Momo, Nograles (J.J.), Ong (J.), Reyes, Romualdo, Salo, Sanchez, Suntay, Vargas, Abueg-Zaldivar, Arbison, Arenas, Aumentado, Calderon, Dimaporo (M.K.), Ecleo, Guico, Herrera-Dy, Marquez, Lim, Matugas, Pimentel, Remulla, Romualdez (Y.M.), Siao, Tulfo, Vargas Alfonso, Chipeco, Nava, Palma, Tan (A.S.), Albano (A.), Albano (R.), Flores, Guya, Lacson, Padiernos, Suarez (A.), Dimaporo (A.), Villanueva (N.), Andaya, Babasa, Collantes, Del Mar, Garcia (P.J.), Silverio, Jalosjos, Almario, Bulut, Enverga, Estrella, Fongwan, Bustos, Nieto, Pacquiao (R.), Ebcas, Castro (F.H.), Romualdez (F.M.), Delos Santos, Duterte, Lara, Uy (R.), Ty (D.), Dy (F.M.C.), Limkaichong, Marcoleta, Cari, Zamora (R.)
DATE APPROVED ON SECOND READING : 2019-09-04
REMARKS : Amended by substitution on Sept. 4, 2019.
THIRD READING INFORMATION
DATE COPY DISTRIBUTED TO MEMBERS: 2019-09-05
DATE APPROVED BY THE HOUSE ON THIRD READING :2019-09-09
THIRD READING TITLE : AN ACT AMENDING SECTIONS 22, 24, 25, 27, 28, 29, 32, 34, 37, 38, 39, 42, 51, 52, 54, 56, 57, 73, 108, 121, 122, 123, 174, 176, 179, 181, 182, 183, 184, 185, 186, 187, 195, 198, AND 199; AND REPEALING SECTIONS 127, 175, 177, 178, 180, 188, 192, AND 193; ALL UNDER REPUBLIC ACT NO. 8424, OTHERWISE KNOWN AS THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED, AND FOR OTHER PURPOSES
HOUSE VOTES:    YEAS:186     NAYS:6    ABSTAIN:.2
Voting Details Per Member(Legend:Y-Yes N-No A-Abstain X-Did Not Vote B-Absent D-N/A)
X---Abante X---Abaya
Y---Abellanosa X---Abu
Y---Abueg-Zaldivar B---Abunda--(Absent)
Y---Acop Y---Acosta
B---Acosta-Alba--(Absent) B---Adiong--(Absent)
X---Advincula X---Agabas
X---Agarao Y---Aglipay
Y---Albano (A.) B---Albano (R.)--(Absent)
X---Vargas Alfonso X---Almario
B---Alonte--(Absent) Y---Alvarez (F.)
X---Alvarez (G.) Y---Alvarez (P.)
Y---Amante-Matba Y---Amatong
B---Andaya--(Absent) Y---Angara
X---Aragones B---Arbison--(Absent)
Y---Arenas Y---Macapagal Arroyo
Y---Arroyo Y---Atienza
B---Aumentado--(Absent) Y---Babasa
Y---Bagatsing B---Bainto-Aguinaldo--(Absent)
Y---Balindong D---Bañas-Nograles--(N/A)
Y---Barba B---Barbers--(Absent)
Y---Baronda Y---Barzaga
Y---Bascug X---Bautista
Y---Bautista-Bandigan Y---Belmonte
Y---Benitez Y---Bernos
Y---Biazon X---Billones
Y---Biron Y---Bolilia
Y---Bondoc Y---Bordado
Y---Bravo N---Brosas
Y---Bulut Y---Bustos
Y---Cabatbat A---Cabochan
Y---Cabredo X---Cagas
X---Calderon Y---Calixto
Y---Caminero Y---Campos
Y---Canama Y---Caoagdan
D---Cardema--(N/A) Y---Cari
Y---Castelo N---Castro (F.L.)
Y---Castro (F.H.) X---Cayetano (A.P.)
X---Cayetano (M.L.) Y---Celeste
Y---Chatto Y---Chipeco
Y---Chungalao Y---Co (A.N.)
X---Co (E.) B---Cojuangco--(Absent)
Y---Collantes Y---Crisologo
Y---Cua X---Cuaresma
B---Cueva--(Absent) N---Cullamat
Y---Dagooc Y---Dalipe
Y---Dalog D---Datol--(N/A)
Y---Ruiz Daza Y---De Jesus
Y---De Venecia Y---Defensor (L.)
X---Defensor (M.) Y---Del Mar
B---Delos Santos--(Absent) Y---Deloso-Montalla
X---Dimaporo (A.) X---Dimaporo (M.K.)
Y---Duavit Y---Dujali
X---Duterte Y---Dy (F.M.C.)
B---Dy (F.)--(Absent) B---Dy (I.P.)--(Absent)
Y---Ebcas Y---Ecleo
N---Elago B---Enverga--(Absent)
B---Erice--(Absent) Y---Eriguel
Y---Ermita-Buhain Y---Escudero
Y---Espina Y---Espino
Y---Estrella Y---Fariñas (R.C.)
Y---Fariñas I (R.C.) Y---Fernandez
B---Fernando--(Absent) Y---Ferrer (J.M.)
X---Ferrer (L.) Y---Flores
Y---Fongwan B---Fortun--(Absent)
Y---Fortuno Y---Frasco
Y---Fuentebella N---Gaite
X---Garbin X---Garcia (J.E.)
Y---Garcia (P.J.) Y---Garcia (V.)
Y---Garin (J.) Y---Garin (S.)
Y---Gasataya B---Gatchalian--(Absent)
Y---Gato X---Geron
Y---Go (E.C.) Y---Go (M.)
B---Torres-Gomez--(Absent) Y---Gonzaga
Y---Gonzales (A.) Y---Gonzales (N.)
Y---Gonzalez Y---Gorriceta
Y---Guico X---Gullas
Y---Guya Y---Haresco
X---Hataman X---Hernandez
Y---Herrera-Dy X---Hofer
Y---Jalosjos Y---Javier
Y---Jimenez Y---Kho (E.)
Y---Kho (W.) X---Khonghun
Y---Labadlabad Y---Lacson
Y---Lacson-Noel A---Lagman
Y---Lagon Y---Lara
Y---Lazatin X---Leachon
Y---Legarda Y---Lim
Y---Limkaichong Y---Lopez (M.L.)
Y---Loyola D---Lusotan--(N/A)
Y---Maceda B---Madrona--(Absent)
X---Malapitan Y---Mangaoang
Y---Mangudadatu Y---Marcoleta
Y---Mariano-Hernandez Y---Mariño
Y---Marquez B---Martinez--(Absent)
B---Matba--(Absent) X---Matugas
B---Mendoza--(Absent) D---Mercado--(N/A)
Y---Momo Y---Natividad-Nagaño
B---Nava--(Absent) Y---Nieto
Y---Noel X---Nograles (J.J.)
Y---Nograles (J.F.F.) Y---Nolasco
Y---Nuñez-Malanyaon Y---Oaminal
Y---Olivarez X---Ong (J.)
X---Ong (R.) D---Ordanes--(N/A)
Y---Ortega B---Ouano-Dizon--(Absent)
X---Pacquiao (A.) X---Pacquiao (R.)
X---Padiernos X---Paduano
Y---Palma X---Pancho
X---Panotes Y---Peña
Y---Pichay X---Pimentel
Y---Pineda Y---Plaza
X---Puno Y---Quimbo
Y---Radaza X---Ramirez-Sato
Y---Ramos Y---Remulla
Y---Revilla Y---Reyes
Y---Rivera X---Robes
Y---Rodriguez B---Roman--(Absent)
X---Romero Y---Romualdez (F.M.)
Y---Romualdez (Y.M.) Y---Romualdo
Y---Romulo Y---Roque
Y---Sacdalan Y---Sagarbarria
B---Sakaluran--(Absent) Y---Salceda
Y---Salimbangon Y---Salo
Y---Salvador-Tambunting Y---Sanchez
B---Sangcopan--(Absent) B---Santos-Recto--(Absent)
Y---Sarmiento X---Saulog
Y---Savellano X---Siao
Y---Silverio Y---Singson
Y---Singson-Meehan B---Sinsuat--(Absent)
Y---Suansing (E.) X---Suansing (H.)
X---Suarez (A.) Y---Suarez (D.)
X---Suntay X---Sy-Alvarado
Y---Taduran Y---Tallado
X---Tan (A.S.) B---Tan (A.)--(Absent)
B---Tan (S.)--(Absent) X---Tan (S.A.)
B---Tan-Tambut--(Absent) Y---Tejada
B---Teves (A.)--(Absent) B---Teves (J.)--(Absent)
Y---Tiangco Y---Tolentino
Y---Tulfo B---Tupas--(Absent)
Y---Tutor D---Ty (A.)--(N/A)
B---Ty (D.)--(Absent) Y---Umali (A.)
Y---Umali (M.V.) B---Unabia--(Absent)
X---Ungab Y---Uy (J.)
Y---Uy (R.) Y---Valeriano
Y---Valmayor Y---Vargas
X---Velasco X---Veloso
Y---Vergara Y---Villa
B---Villafuerte--(Absent) B---Villanueva (E.)--(Absent)
Y---Villanueva (N.) Y---Villar
B---Villaraza-Suarez--(Absent) Y---Villarica
Y---Violago Y---Yap (E.)
B---Yap (V.)--(Absent) X---Yu
X---Zamora (R.) Y---Zamora (W.K.)
N---Zarate Y---Zubiri
DATE TRANSMITTED TO THE SENATE:  2019-09-10
ACTIONS TAKEN BY THE SENATE/HOUSE
DATE RECEIVED BY THE SENATE:  2019-09-10
REMARKS : 

Senate Legislative History

Entitled:
AN ACT AMENDING SECTIONS 22, 24, 25, 27, 28, 29, 32, 34,37, 38, 39, 42, 51, 52, 54, 56, 57, 73, 108, 121, 122, 123, 174, 176, 179, 181, 182, 183, 184, 185, 186, 187, 195, 198, AND 199; AND REPEALING SECTIONS 127,175, 177,178,180,188,192, AND 193; ALL UNDER REPUBLIC ACT NO. 8424, OTHERWISE KNOWN AS THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED, AND FOR OTHER PURPOSES
[ FIRST REGULAR SESSION, 18TH CONGRESS ]
[ 2019 ]
Introduced by Representatives JOEY SARTE SALCEDA, LUIS RAYMUND JR. F. VILLAFUERTE, DAKILA CARLO E. CUA, ESTRELLITA B. SUANSING et al.;
Approved on Third Reading by the House of Representatives on September 9, 2019;
9/10/2019 Sent to the Senate requesting for concurrence;
9/11/2019 Read on First Reading and Referred to the Committee on WAYS AND MEANS;
(The legislative history/plenary deliberations is prepared by the INDEXING, MONITORING AND LIS SECTION, LEGISLATIVE BILLS AND INDEX SERVICE; The data entry on committee meetings is prepared by the Committee Affairs Bureau)
2/5/2020 Conducted COMMITTEE MEETINGS/HEARINGS;
2/12/2020 Conducted COMMITTEE MEETINGS/HEARINGS;

Abstract

Covers the fourth package of the Administration's Comprehensive Tax Reform Program, making capital income taxes and financial intermediary taxes simpler, fairer and more efficient in order to fuel and direct the movement of capital rightly to where they are most needed, so that higher, sustainable, and more inclusive growth can be achieved.Proposes reforms on the following: a) tax rates on interest income and on interests, dividends, and capital gains; b) GRT rate for all Financial Intermediaries, excluding premium on insurance; c) Pre-need, pension, life and HMO insurance/non-life insurance premium tax rates; d) capital market development (IPO tax removal); e) DST of the financial sector; and f) adoption of regionally competitive tax system comparable to those neighboring ASEAN nations and their best practices.

Disclaimer

Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.