Bill Type
Congress Name
Long Title
AN ACT AMENDING ARTICLE 39 (A)(1) OF EXECUTIVE ORDER NO. 226 OTHERWISE KNOWN AS THE OMNIBUS INVESTMENT CODE OF 1987, AS AMENDED AND FOR OTHER PURPOSES(RE: INCOME TAX HOLIDAY TO INVESTORS)
Date filed
December 1, 1999
Scope
Urgent Bill
No
Legislative History
| House Bill/Resolution NO. HB08829 |
| FULL TITLE : AN ACT AMENDING ARTICLE 39 (A)(1) OF EXECUTIVE ORDER NO. 226 OTHERWISE KNOWN AS THE OMNIBUS INVESTMENT CODE OF 1987, AS AMENDED AND FOR OTHER PURPOSES(RE: INCOME TAX HOLIDAY TO INVESTORS) |
| ABSTRACT : This bill proposes to EXTEND the maximum period for the income tax holiday offered to especially desirable investors from [eight (8)] to TWELVE (12) years, subject to the approval of the Secretary of Finance, upon compliance with certain conditions.This extension merely tries to align the Philippines' income tax holidays to match that of our neighboring countries. By keeping pace with the incentives being offered by other countries, we stand a sufficiently even chance of attracting investments and partners that will be crucial in our drive for development. |
| PRINCIPAL AUTHOR/S : BACULIO, AUGUSTO H. |
| DATE FILED : 1999-12-01 |
| SIGNIFICANCE: NATIONAL |
| ADMINISTRATION BILL? No |
| URGENT BILL? No |
| ACTIONS TAKEN BY THE COMMITTEE |
| MOTHER BILL: HB10596 |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 1999-12-07 |
| SECONDARILY REFERRED TO THE COMMITTEE(S) ON TRADE AND INDUSTRY |
Abstract
This bill proposes to EXTEND the maximum period for the income tax holiday offered to especially desirable investors from [eight (8)] to TWELVE (12) years, subject to the approval of the Secretary of Finance, upon compliance with certain conditions.This extension merely tries to align the Philippines' income tax holidays to match that of our neighboring countries. By keeping pace with the incentives being offered by other countries, we stand a sufficiently even chance of attracting investments and partners that will be crucial in our drive for development.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.