Bill Type
Congress Name
Long Title
AN ACT EXEMPTING (P50,000.00) SAVINGS DEPOSITS AMOUNTING TO FIFTY THOUSAND PESOS OR LESS FROM WITHHOLDING TAX, AMENDING SECTION 21 (C)(1) OF THE NATIONAL INTERNAL REVENUE CODE THEREBY AND FOR OTHER PURPOSES
Date filed
August 15, 2001
Scope
Urgent Bill
No
Legislative History
| House Bill/Resolution NO. House Bill No. 2443, 12th Congress of the Republic | |
| FULL TITLE : AN ACT EXEMPTING (P50,000.00) SAVINGS DEPOSITS AMOUNTING TO FIFTY THOUSAND PESOS OR LESS FROM WITHHOLDING TAX, AMENDING SECTION 21 (C)(1) OF THE NATIONAL INTERNAL REVENUE CODE THEREBY AND FOR OTHER PURPOSES | |
| ABSTRACT : "Small Deposits Exemption Law". Upon the passage of this law, all Savings Deposits in any banking or quasi-banking institutions amounting to FIFTY THOUSAND PESOS (P50,000.00) or less shall be exempted from withholding taxes as required by the National Internal Revenue Code. >The beneficiaries of this bill are the poor in the society. It seeks to equalize the purchasing power between the rich and the poor by not unduly depriving them of the use of the interests which their deposited money earnsfrom the banking system. | |
| PRINCIPAL AUTHOR/S : ESPINA, GERARDO S. | |
| DATE FILED : 2001-08-15 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS : | |
| 1. Espino | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Del Mar (016 ) | 2. Nograles (016 ) |
| 3. Cuenco (042 ) | |
| ADMINISTRATION BILL? No | |
| URGENT BILL? No | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2001-08-21 |
Abstract
"Small Deposits Exemption Law". Upon the passage of this law, all Savings Deposits in any banking or quasi-banking institutions amounting to FIFTY THOUSAND PESOS (P50,000.00) or less shall be exempted from withholding taxes as required by the National Internal Revenue Code. >The beneficiaries of this bill are the poor in the society. It seeks to equalize the purchasing power between the rich and the poor by not unduly depriving them of the use of the interests which their deposited money earnsfrom the banking system.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.