Committee Details
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.