Bill Type
Congress Name
Long Title
AN ACT ADOPTING THE GROSS INCOME TAXATION FOR CORPORATIONS AMENDING FOR THE PURPOSE PERTINENT PROVISIONS OF TITLE II OF THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED, AND FOR OTHER PURPOSES
Date filed
July 9, 2004
Scope
Legislative History
| House Bill/Resolution NO. HB01318 |
| FULL TITLE : AN ACT ADOPTING THE GROSS INCOME TAXATION FOR CORPORATIONS AMENDING FOR THE PURPOSE PERTINENT PROVISIONS OF TITLE II OF THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED, AND FOR OTHER PURPOSES |
| ABSTRACT : This bill proposes a shift in the tax structure of corporations from net income to gross income with a 15% tax rate. The proposed scheme is expected to enhance tax collection and significantly reduce tax leakages. Gross income taxation is deemed to be fair and simple to administer. |
| PRINCIPAL AUTHOR/S : DEL MAR, RAUL V. |
| DATE FILED : 2004-07-09 |
| SIGNIFICANCE: NATIONAL |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2004-08-02 |
Abstract
This bill proposes a shift in the tax structure of corporations from net income to gross income with a 15% tax rate. The proposed scheme is expected to enhance tax collection and significantly reduce tax leakages. Gross income taxation is deemed to be fair and simple to administer.'
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.