Bill Type
Congress Name
Long Title
AN ACT AMENDING SECTION 106(A)(1)(a) AND SECTION 108(A) OF PRESIDENTIAL DECREE NO. 1158, AS AMENDED BY REPUBLIC ACT NO. 8424, OTHERWISE KNOWN AS THE NATIONAL INTERNAL REVENUE CODE(RE: REAL ESTATE INDUSTRY)
Date filed
July 27, 2001
Scope
Urgent Bill
No
Legislative History
| House Bill/Resolution NO. House Bill No. 1556, 12th Congress of the Republic |
| FULL TITLE : AN ACT AMENDING SECTION 106(A)(1)(a) AND SECTION 108(A) OF PRESIDENTIAL DECREE NO. 1158, AS AMENDED BY REPUBLIC ACT NO. 8424, OTHERWISE KNOWN AS THE NATIONAL INTERNAL REVENUE CODE(RE: REAL ESTATE INDUSTRY) |
| ABSTRACT : Rationale: To achieve the goal of rehabilitating the real estate industry, it is imperative that the real estate industry be provided with ample assistance and incentives, including tax measures more conducive to greater activity in the real estatemarket. It is for this reason that this bill proposes to reduce the amount of value-added tax imposed on real estate transactions in order to bring prices of real estate to levels more attractive to the end consumer. |
| PRINCIPAL AUTHOR/S : ZIALCITA, EDUARDO C. |
| DATE FILED : 2001-07-27 |
| SIGNIFICANCE: NATIONAL |
| CO-AUTHORS (Journal Entries) : |
| 1. Syjuco (041 ) |
| ADMINISTRATION BILL? No |
| URGENT BILL? No |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2001-08-06 |
Abstract
Rationale: To achieve the goal of rehabilitating the real estate industry, it is imperative that the real estate industry be provided with ample assistance and incentives, including tax measures more conducive to greater activity in the real estatemarket. It is for this reason that this bill proposes to reduce the amount of value-added tax imposed on real estate transactions in order to bring prices of real estate to levels more attractive to the end consumer.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.