Bill Type
Congress Name
Long Title
AN ACT RATIONALIZING THE TAX SCHEME FOR MANUFACTURERS, PRODUCERS OF GOODS, ASSEMBLERS AND PROVIDERS OF SERVICES
Date filed
July 2, 2001
Scope
Urgent Bill
No
Legislative History
| House Bill/Resolution NO. House Bill No. 182, 12th Congress of the Republic | |
| FULL TITLE : AN ACT RATIONALIZING THE TAX SCHEME FOR MANUFACTURERS, PRODUCERS OF GOODS, ASSEMBLERS AND PROVIDERS OF SERVICES | |
| ABSTRACT : This measure is designed to rationalizE the tax burdens imposed by different tax laws which affect Philippine businesses. It sets a maximum ceiling of 50% of Gross Sales as the maximum amount tax a business has to pay the National Government every fiscal year. It provides a disciplinary mechanism on taxation by which the competitiveness of local enterprises is preserved and at the same time allowing for reasonable revenue collection.> It provides a starting point for the bonafide rationalization of the whole taxation system towards the end of a strong, vibrant, and competitive economy. | |
| PRINCIPAL AUTHOR/S : TEODORO, GILBERTO JR. C. | |
| DATE FILED : 2001-07-02 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Espina (005 ) | 2. Badelles (010 ) |
| 3. Zialcita (022 ) | 4. Joaquin (022 ) |
| 5. De Venecia (040 ) | 6. Syjuco (041 ) |
| ADMINISTRATION BILL? No | |
| URGENT BILL? No | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2001-07-24 |
Abstract
This measure is designed to rationalizE the tax burdens imposed by different tax laws which affect Philippine businesses. It sets a maximum ceiling of 50% of Gross Sales as the maximum amount tax a business has to pay the National Government every fiscal year. It provides a disciplinary mechanism on taxation by which the competitiveness of local enterprises is preserved and at the same time allowing for reasonable revenue collection.> It provides a starting point for the bonafide rationalization of the whole taxation system towards the end of a strong, vibrant, and competitive economy.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.