Bill Type
Congress Name
Long Title
AN ACT EXEMPTING 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
July 1, 2004
Scope
Legislative History
| House Bill/Resolution NO. HB00308 | |
| FULL TITLE : AN ACT EXEMPTING 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 | |
| SHORT TITLE : Small Deposits Exemption Law | |
| ABSTRACT : "Small Deposits Exemption Law". The bill seeks to help low income depositors neutralize the effects of inflation by exempting them from the imposition of withholding taxes so that they are not unduly deprived of the use of the interests earned by their deposited money. If no deduction is done, more people can put their extra money in the banking institutions. Consequently, more money will be available for the banks to invest in worthwhile projects to boost our economy. | |
| PRINCIPAL AUTHOR/S : LAPUS, JESLI A. | |
| DATE FILED : 2004-07-01 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Amin (006 ) | 2. Codilla (008 ) |
| 3. Badelles (012 ) | 4. Marcos (012 ) |
| 5. Gonzalez (028 ) | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2004-07-27 |
Abstract
"Small Deposits Exemption Law". The bill seeks to help low income depositors neutralize the effects of inflation by exempting them from the imposition of withholding taxes so that they are not unduly deprived of the use of the interests earned by their deposited money. If no deduction is done, more people can put their extra money in the banking institutions. Consequently, more money will be available for the banks to invest in worthwhile projects to boost our economy.'
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.