Legislative History
| House Bill/Resolution NO. HB00302 |
| FULL TITLE : AN ACT RESTRUCTURING THE FISCAL INCENTIVES UNDER EXECUTIVE ORDER NO. 226, OTHERWISE KNOWN AS THE OMNIBUS INVESTMENTS CODE OF 1987, AS AMENDED, AMENDING PERTINENT ARTICLES OF THE CODE, PROVIDING FOR PENALTIES IN VIOLATION THEREOF, AND FOR OTHER PURPOSES |
| ABSTRACT : The bill seeks to rationalize the country's investment incentives to pave the way for an incentive system that is consolidated and highly focused, cost-effective in promoting investments, time-bound and simple to administer. Rationalization is necessary in order to align our incentive system with those of our ASEAN neighbors and harmonize the same with the WTO (World Trade Organization) agreements particularly on subsidies and countervailing measures. Among the incentives being proposed to be granted are: a) net-operating loss carry-over (NOLCO), b) deferred imposition of the 2% minimum corporate income tax, c) accelerated depreciation, d) double deduction for training expenses and e) double deduction for research and development. |
| PRINCIPAL AUTHOR/S : LAPUS, JESLI A. |
| DATE FILED : 2004-07-01 |
| SIGNIFICANCE: NATIONAL |
| ACTIONS TAKEN BY THE COMMITTEE |
| COMMITEE HEARINGS/ACTIONS: |
| 1. Scheduled for first meeting/hearing on 2004-09-20 |
| 2. Scheduled for first meeting/hearing on 2004-09-20 |
| 3. Under deliberation by the Mother Committee on 2004-09-21 |
| 4. Under deliberation by the Mother Committee on 2004-09-21 |
| 5. Under deliberation by the Mother Committee on 2004-09-22 |
| 6. Under deliberation by the Mother Committee on 2004-09-22 |
| 7. Under deliberation by the Mother Committee on 2004-10-26 |
| 8. Under deliberation by the Mother Committee on 2004-10-26 |
| 9. Under deliberation by the Mother Committee on 2004-11-09 |
| 10. Under deliberation by the Mother Committee on 2004-11-09 |
| 11. Under deliberation by the Mother Committee on 2004-11-10 |
| 12. Under deliberation by the Mother Committee on 2004-11-10 |
| 13. Approved by the Committee on 2004-11-16 |
| 14. Approved by the Committee on 2004-11-16 |
| 15. Committee Report filed on 2004-11-17 |
| 16. Committee Report filed on 2004-11-18 |
| MOTHER BILL: HB03295 |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2004-11-08 |
| SECONDARILY REFERRED TO THE COMMITTEE(S) ON TRADE AND INDUSTRY |
| PREVIOUS COMMITTEE REFERRALS :PRIMARILY REFERRED TO TRADE AND INDUSTRY on 2004-07-27;SECONDARILY REFERRED TO WAYS AND MEANS on 2004-07-27; |
Abstract
The bill seeks to rationalize the country's investment incentives to pave the way for an incentive system that is consolidated and highly focused, cost-effective in promoting investments, time-bound and simple to administer. Rationalization is necessary in order to align our incentive system with those of our ASEAN neighbors and harmonize the same with the WTO (World Trade Organization) agreements particularly on subsidies and countervailing measures. Among the incentives being proposed to be granted are: a) net-operating loss carry-over (NOLCO), b) deferred imposition of the 2% minimum corporate income tax, c) accelerated depreciation, d) double deduction for training expenses and e) double deduction for research and development.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.