Bill Type
Congress Name
Long Title
AN ACT ADOPTING THE SIMPLIFIED NET INCOME TAXATION FOR INDIVIDUALS ENGAGED IN TRADE/BUSINESS AND/OR PRACTICE OF PROFESSION, AMENDING FOR THE PURPOSE CERTAIN SECTIONS OF THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED
Date filed
February 28, 2005
Scope
Legislative History
| House Bill/Resolution NO. HB03826 |
| FULL TITLE : AN ACT ADOPTING THE SIMPLIFIED NET INCOME TAXATION FOR INDIVIDUALS ENGAGED IN TRADE/BUSINESS AND/OR PRACTICE OF PROFESSION, AMENDING FOR THE PURPOSE CERTAIN SECTIONS OF THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED |
| SHORT TITLE : Simplified Net Income Tax Reform Act of 2005 |
| ABSTRACT : "Simplified Net Income Tax Reform Act of 2005." The measure proposes the adoption of a simplified net income taxation scheme on the income of individuals engaged in trade or business or in the exercise of a profession. It allows the deduction from gross income of the direct costs incurred in the production of goods or rendition of services. |
| PRINCIPAL AUTHOR/S : LAPUS, JESLI A. |
| DATE FILED : 2005-02-28 |
| SIGNIFICANCE: NATIONAL |
| CO-AUTHORS (Journal Entries) : |
| 1. Gidaya (001 ) |
| ACTIONS TAKEN BY THE COMMITTEE |
| COMMITEE HEARINGS/ACTIONS: |
| 1. Scheduled for first meeting/hearing on 2005-03-15 |
| 2. Under deliberation by the Mother Committee on 2005-04-12 |
| 3. Under deliberation by the Mother Committee on 2005-08-23 |
| 4. Under deliberation by the Mother Committee on 2005-08-30 |
| 5. Under deliberation by the Mother Committee on 2005-09-20 |
| 6. Approved by the Committee on 2005-10-11 |
| 7. Committee Report filed on 2005-11-17 |
| 8. Scheduled for first meeting/hearing on 2006-01-17 |
| 9. Under deliberation by the Mother Committee on 2006-01-24 |
| 10. Under deliberation by the Mother Committee on 2006-01-31 |
| 11. Approved by the Committee on 2006-02-14 |
| 12. Committee Report filed on 2006-02-23 |
| MOTHER BILL: HB04906 |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2005-03-01 |
| REMARKS: On April 05, 2006, On motion of Rep. Lapus and approved by the Body, HB 3826 was included in HB 5296. |
Abstract
"Simplified Net Income Tax Reform Act of 2005." The measure proposes the adoption of a simplified net income taxation scheme on the income of individuals engaged in trade or business or in the exercise of a profession. It allows the deduction from gross income of the direct costs incurred in the production of goods or rendition of services.'
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.