Legislative History
| House Bill/Resolution NO. HB00300 | |
| FULL TITLE : AN ACT AMENDING CERTAIN PROVISIONS OF REPUBLIC ACT NO. 8435, OTHERWISE KNOWN AS 'AN ACT PRESCRIBING URGENT RELATED MEASURES TO MODERNIZE THE AGRICULTURE AND FISHERIES SECTORS OF THE COUNTRY IN ORDER TO ENHANCE THEIR PROFITABILITY, AND PREPARE SAID SECTORS FOR THE CHALLENGES OF GLOBALIZATION THROUGH AN ADEQUATE, FOCUSED AND RATIONAL DELIVERY OF NECESSARY SUPPORT SERVICES, APPROPRIATING FUNDS THEREFOR AND FOR OTHER PURPOSES | |
| ABSTRACT : The enactment of RA 8435 (Agriculture and Fisheries Modernization Act) effectively deprived agro-processors of the importation incentives they used to enjoy under the Investments Priority Program (IPP). Believing that agro-processors have already been covered under RA 8435, the Board of Investments excluded them from its Investment Incentive Program. The lost incentive resulted in a decline in investments in agro-processing activities. The bill seeks to grant tariff-free importation incentive to the agricultrual and fisheries sectors. To level the playing field for local and imported inputs and equipment, purchase of the former shall likewise be given an incentive by way of a tax credit equal to the amount of tariff that should have been paid if it were imported. | |
| PRINCIPAL AUTHOR/S : LAPUS, JESLI A. | |
| DATE FILED : 2004-07-01 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Amin (006 ) | 2. Codilla (008 ) |
| 3. Valencia (023 ) | |
| ACTIONS TAKEN BY THE COMMITTEE | |
| COMMITEE HEARINGS/ACTIONS: | |
| 1. Scheduled for first meeting/hearing on 2005-02-15 | |
| 2. Under deliberation by the Mother Committee on 2005-02-15 | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON AGRICULTURE, FOOD & FISHERIES ON 2004-07-27 | |
| SECONDARILY REFERRED TO THE COMMITTEE(S) ON WAYS AND MEANS |
Abstract
The enactment of RA 8435 (Agriculture and Fisheries Modernization Act) effectively deprived agro-processors of the importation incentives they used to enjoy under the Investments Priority Program (IPP). Believing that agro-processors have already been covered under RA 8435, the Board of Investments excluded them from its Investment Incentive Program. The lost incentive resulted in a decline in investments in agro-processing activities. The bill seeks to grant tariff-free importation incentive to the agricultrual and fisheries sectors. To level the playing field for local and imported inputs and equipment, purchase of the former shall likewise be given an incentive by way of a tax credit equal to the amount of tariff that should have been paid if it were imported.
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Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.