Bill Type
Long Title
AN ACT ELIMINATING THE IMPOSITION OF DOCUMENTARY STAMP TAX ON SECONDARY TRADING OF FINANCIAL INSTRUMENTS, AMENDING FOR THE PURPOSE SECTION 198 OF THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED
Date filed
October 25, 2000
Scope
Urgent Bill
No
Legislative History
| House Bill/Resolution NO. HB12564 |
| FULL TITLE : AN ACT ELIMINATING THE IMPOSITION OF DOCUMENTARY STAMP TAX ON SECONDARY TRADING OF FINANCIAL INSTRUMENTS, AMENDING FOR THE PURPOSE SECTION 198 OF THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED |
| ABSTRACT : Rationale: DST is basically a transaction cost which is ultimately borne by the users of funds. It merely adds to the cost structure that exacerbates the uncompetitivene ss of the Philippines versus its Asian neighbors. Eliminating DST on secondarytrading will greatly encourage the development of a secondary market and eventually increase tax revenues as more capital market isntruments are issued and transactions flourish. |
| PRINCIPAL AUTHOR/S : SUAREZ, DANILO E. |
| DATE FILED : 2000-10-25 |
| SIGNIFICANCE: NATIONAL |
| ADMINISTRATION BILL? No |
| URGENT BILL? No |
| ACTIONS TAKEN BY THE COMMITTEE |
| COMMITTEE REPORT NO. 01296 |
| SUBMITTED ON 2000-11-10 |
| SUBMITTED BY: WAYS AND MEANS |
| RECOMMENDATIONS: approval with amendment |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2000-10-25 |
| 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 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
Rationale: DST is basically a transaction cost which is ultimately borne by the users of funds. It merely adds to the cost structure that exacerbates the uncompetitivene ss of the Philippines versus its Asian neighbors. Eliminating DST on secondarytrading will greatly encourage the development of a secondary market and eventually increase tax revenues as more capital market isntruments are issued and transactions flourish.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.