Bill Type
Congress Name
Long Title
AN ACT PROVIDING SENIOR CITIZENS EXEMPTION FROM THE TWENTY PERCENT (20%) FINAL WITHHOLDING TAX ON INTEREST INCOME FROM PHILIPPINE CURRENCY BANK DEPOSIT
Date filed
July 17, 2001
Scope
Urgent Bill
No
Legislative History
| House Bill/Resolution NO. House Bill No. 1064, 12th Congress of the Republic | |
| FULL TITLE : AN ACT PROVIDING SENIOR CITIZENS EXEMPTION FROM THE TWENTY PERCENT (20%) FINAL WITHHOLDING TAX ON INTEREST INCOME FROM PHILIPPINE CURRENCY BANK DEPOSIT | |
| ABSTRACT : Rationale: Senior citizens have lost the vigor to engage in business or any gainful occupation due to their age. They only venture themselves in banking business by way of depositing their money which they received after retirement from service (retirement benefits), hoping to earn from the privilege interest rate provided by the banking institutions, in which the interest income is the only appropriate income for them to sustain daily life. Hence, approval of this measure is earnestly sought. | |
| PRINCIPAL AUTHOR/S : BARINAGA, ROSELLER L. | |
| DATE FILED : 2001-07-17 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Lapus (006 ) | 2. Rodriguez (021 ) |
| 3. Amin (064 ) | 4. Syjuco (023 ) |
| ADMINISTRATION BILL? No | |
| URGENT BILL? No | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2001-07-25 |
Abstract
Rationale: Senior citizens have lost the vigor to engage in business or any gainful occupation due to their age. They only venture themselves in banking business by way of depositing their money which they received after retirement from service (retirement benefits), hoping to earn from the privilege interest rate provided by the banking institutions, in which the interest income is the only appropriate income for them to sustain daily life. Hence, approval of this measure is earnestly sought.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.