Bill Type
Congress Name
Long Title
AN ACT RESTRUCTURING THE INCOME TAXATION FOR INDIVIDUALS Y CREATING A NEW SECTION, SECTION 34-A, REPEALING SUBSECTION (L) OF SECTION 34 AND AMENDING SECTIONS 22, 24, 32 AND 35, ALL UNDER THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED
Date filed
January 30, 2008
Scope
Legislative History
| House Bill/Resolution NO. HB03471 |
| FULL TITLE : AN ACT RESTRUCTURING THE INCOME TAXATION FOR INDIVIDUALS Y CREATING A NEW SECTION, SECTION 34-A, REPEALING SUBSECTION (L) OF SECTION 34 AND AMENDING SECTIONS 22, 24, 32 AND 35, ALL UNDER THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED |
| ABSTRACT : The bill proposes to subject individuals with a net taxable income of up to P55,000 to a zero percent income tax rate and those with a net taxable income of over P500,000 to 35% income tax rate. It also proposes a 50% increase in personal and additional exemptions. |
| PRINCIPAL AUTHOR/S : JAVIER, EXEQUIEL B. |
| DATE FILED : 2008-01-30 |
| SIGNIFICANCE: NATIONAL |
| ACTIONS TAKEN BY THE COMMITTEE |
| COMMITEE HEARINGS/ACTIONS: |
| 1. Scheduled for first meeting/hearing on 2008-02-26 |
| 2. Under deliberation by the Mother Committee on 2008-03-04 |
| 3. Under deliberation by the Mother Committee on 2008-03-11 |
| 4. Approved by the Committee on 2008-04-22 |
| 5. Committee Report filed on 2008-04-28 |
| MOTHER BILL: HB03971 |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2008-02-06 |
Abstract
The bill proposes to subject individuals with a net taxable income of up to P55,000 to a zero percent income tax rate and those with a net taxable income of over P500,000 to 35% income tax rate. It also proposes a 50% increase in personal and additional exemptions.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.