Bill Type
Congress Name
Long Title
AN ACT EXEMPTING FROM WITHHOLDING TAX THE INTEREST EARNINGS ON BONDS ISSUED BY THE LANDBANK OF THE PHILIPPINES TO LANDOWNERS ON THE SALE OF THEIR LANDS COVERED BY THE COMPREHENSIVE AGRARIAN REFORM LAW
Date filed
July 1, 2004
Scope
Legislative History
| House Bill/Resolution NO. HB00420 |
| FULL TITLE : AN ACT EXEMPTING FROM WITHHOLDING TAX THE INTEREST EARNINGS ON BONDS ISSUED BY THE LANDBANK OF THE PHILIPPINES TO LANDOWNERS ON THE SALE OF THEIR LANDS COVERED BY THE COMPREHENSIVE AGRARIAN REFORM LAW |
| ABSTRACT : To hasten payment to landowners covered by the Comprehensive Agrarian Reform Law (CARL) and to maintain the financial viability of the Land Bank (LBP), one of the modes of compensation to landowners was in the form of LBP bonds bearing interest subject to withholding tax. This bill seeks to exempt from the withholding tax all interest earnings on bonds issued by the LBP to landowners for the sale of their lands covered by the CARL to give landowners some relief from their financial burdens. |
| PRINCIPAL AUTHOR/S : LACSON, JOSE CARLOS V. |
| DATE FILED : 2004-07-01 |
| SIGNIFICANCE: NATIONAL |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2004-07-27 |
Abstract
To hasten payment to landowners covered by the Comprehensive Agrarian Reform Law (CARL) and to maintain the financial viability of the Land Bank (LBP), one of the modes of compensation to landowners was in the form of LBP bonds bearing interest subject to withholding tax. This bill seeks to exempt from the withholding tax all interest earnings on bonds issued by the LBP to landowners for the sale of their lands covered by the CARL to give landowners some relief from their financial burdens.'
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.