Bill Type
Congress Name
Long Title
AN ACT ALLOWING FIFTY PERCENT (50%) OF THE TOTAL VALUE ADDED TAX (VAT) PAID AS DEDUCTION FROM THE INCOME TAX
Date filed
November 28, 2001
Scope
Urgent Bill
No
Legislative History
| House Bill/Resolution NO. House Bill No. 3986, 12th Congress of the Republic |
| FULL TITLE : AN ACT ALLOWING FIFTY PERCENT (50%) OF THE TOTAL VALUE ADDED TAX (VAT) PAID AS DEDUCTION FROM THE INCOME TAX |
| ABSTRACT : Rationale: This bill enhance the taxpayers awareness on the importance of demanding receipts in all transactions they enter into and thereby increase tax collections. The government may be earning so much from already existing tax colleciton systembut the projection is that collection will still increase because business establishments will have records through receipts in all their sales. This will minimize if not eradicate practice of businessmen to cheat the government by not showing the actual sales. |
| PRINCIPAL AUTHOR/S : ESPINA, GERARDO S. |
| DATE FILED : 2001-11-28 |
| SIGNIFICANCE: NATIONAL |
| ADMINISTRATION BILL? No |
| URGENT BILL? No |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2001-12-04 |
Abstract
Rationale: This bill enhance the taxpayers awareness on the importance of demanding receipts in all transactions they enter into and thereby increase tax collections. The government may be earning so much from already existing tax colleciton systembut the projection is that collection will still increase because business establishments will have records through receipts in all their sales. This will minimize if not eradicate practice of businessmen to cheat the government by not showing the actual sales.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.