Legislative History
| House Bill/Resolution NO. HB12522 |
| FULL TITLE : AN ACT EXEMPTING FROM DOCUMENTARY STAMP TAX THE BORROWING AND LENDING OF SECURITIES UNDER THE AUSPICES OF THE LOCAL STOCK EXCHANGE, AMENDING FOR THE PURPOSE SECTION 180 OF THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED |
| ABSTRACT : The exemption, will lead to the creation of other taxable transactions not possible without SBL (Securities Borrowing and Lending), like Short Selling defined as the sale of borrowed securities. Also, this will encourage the trading of other derivative instruments that require the SBL facility. Furthermore, this will bring onshore the borrowing and lending of Philippine securities happening offshore. Studies made by the PSE show that the exemption will result not to a loss of revenues for the government, but to additional and potential revenues of about Ph162 million per year from DST, Stock Transaction Taxes, VAT, Income Taxes on Commission Income, and Final Tax on Interest Income, on the additional trading transactions in the stock markeet. |
| PRINCIPAL AUTHOR/S : SUAREZ, DANILO E. |
| DATE FILED : 2000-10-17 |
| SIGNIFICANCE: NATIONAL |
| ADMINISTRATION BILL? No |
| URGENT BILL? No |
| ACTIONS TAKEN BY THE COMMITTEE |
| COMMITTEE REPORT NO. 01295 |
| SUBMITTED ON 2000-11-10 |
| SUBMITTED BY: WAYS AND MEANS |
| RECOMMENDATIONS: approval without amendment |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2000-10-20 |
| DATE INCLUDED IN OB: 2000-11-15 |
| DATE CALENDARED : 2000-11-21 |
| SECOND READING INFORMATION |
| PERIOD OF SPONSORSHIP : 2000-12-04, 2000-12-05 |
| PERIOD OF INTERPELLATIONS : 2000-12-05 |
| PERIOD OF COMMITTEE AMENDMENTS : 2000-12-05 |
| DATE APPROVED ON SECOND READING : 2000-12-05 |
| THIRD READING INFORMATION |
| DATE COPY DISTRIBUTED TO MEMBERS: 2000-12-19 |
| DATE APPROVED BY THE HOUSE ON THIRD READING :2001-02-05 |
| HOUSE VOTES: YEAS:178 NAYS:0 ABSTAIN:.0 |
| DATE TRANSMITTED TO THE SENATE: 2001-02-06 |
| ACTIONS TAKEN BY THE SENATE/HOUSE |
| DATE RECEIVED BY THE SENATE: 2001-02-07 |
Abstract
The exemption, will lead to the creation of other taxable transactions not possible without SBL (Securities Borrowing and Lending), like Short Selling defined as the sale of borrowed securities. Also, this will encourage the trading of other derivative instruments that require the SBL facility. Furthermore, this will bring onshore the borrowing and lending of Philippine securities happening offshore. Studies made by the PSE show that the exemption will result not to a loss of revenues for the government, but to additional and potential revenues of about Ph162 million per year from DST, Stock Transaction Taxes, VAT, Income Taxes on Commission Income, and Final Tax on Interest Income, on the additional trading transactions in the stock markeet.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.