Bill Type
Long Title
AN ACT EXCLUDING BANK, NON-BANK FINANCIAL INTERMEDIARIES AND FINANCE COMPANIES FROM THE COVERAGE OF THE VALUE-ADDED TAX, AMENDING FOR THE PURPOSE REPUBLIC ACT NO. 8424, AND FOR OTHER PURPOSES
Date filed
July 24, 2000
Scope
Urgent Bill
No
Legislative History
| House Bill/Resolution NO. HB11873 |
| FULL TITLE : AN ACT EXCLUDING BANK, NON-BANK FINANCIAL INTERMEDIARIES AND FINANCE COMPANIES FROM THE COVERAGE OF THE VALUE-ADDED TAX, AMENDING FOR THE PURPOSE REPUBLIC ACT NO. 8424, AND FOR OTHER PURPOSES |
| ABSTRACT : Rationale: Countries which are now under the Value Added Tax (VAT) system have long recognized the difficulty of imposing the tax on banks and non-bank financial intermediaries primarily because of the limited VATable inputs that may be claimed as tax credits. Also, gross receipts of these institutions do not fir with the coverage of the regular VAT. It is the intention of this bill to ease out legislative work by totally exempting banks and non-bank financial intermediaries from the existing VAT system until such time that an appropriate tax structure is designed. |
| PRINCIPAL AUTHOR/S : TEVES, HERMINIO G. |
| DATE FILED : 2000-07-24 |
| SIGNIFICANCE: NATIONAL |
| ADMINISTRATION BILL? No |
| URGENT BILL? No |
| ACTIONS TAKEN BY THE COMMITTEE |
| MOTHER BILL: HB12237 |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2000-07-31 |
| SECONDARILY REFERRED TO THE COMMITTEE(S) ON BANKS AND FINANCIAL INTERMEDIARIES |
Abstract
Rationale: Countries which are now under the Value Added Tax (VAT) system have long recognized the difficulty of imposing the tax on banks and non-bank financial intermediaries primarily because of the limited VATable inputs that may be claimed as tax credits. Also, gross receipts of these institutions do not fir with the coverage of the regular VAT. It is the intention of this bill to ease out legislative work by totally exempting banks and non-bank financial intermediaries from the existing VAT system until such time that an appropriate tax structure is designed.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.