Bill Type
Congress Name
Long Title
AN ACT PROVIDING FOR THE EXTENSION OF EXEMPTION FROM INCOME TAX ON INCOME DERIVED FROM PHILIPPINE OVERSEAS SHIPPING, AMENDING FOR THE PURPOSE CERTAIN PROVISIONS OF REPUBLIC ACT NO. 7471, OTHERWISE KNOWN AS THE PHILIPPINE OVERSEAS SHIPPING DEVELOPMENT ACT
Date filed
January 15, 2002
Scope
Urgent Bill
No
Legislative History
| House Bill/Resolution NO. House Bill No. 4213, 12th Congress of the Republic |
| FULL TITLE : AN ACT PROVIDING FOR THE EXTENSION OF EXEMPTION FROM INCOME TAX ON INCOME DERIVED FROM PHILIPPINE OVERSEAS SHIPPING, AMENDING FOR THE PURPOSE CERTAIN PROVISIONS OF REPUBLIC ACT NO. 7471, OTHERWISE KNOWN AS THE PHILIPPINE OVERSEAS SHIPPING DEVELOPMENT ACT |
| ABSTRACT : Rationale: An Overseas Shipping Act was passed in 1955 granting incentives to the sector. Terms for acquiring vessels under this Act were a disincentive to the acquisition and disposition of vessels because it lacked the flexibility needed by ship owners to quickly purchase and dispose of vessels. The incentives under this law expired in 1985. New incentives were given to the sector in 1992. The incentives granted by this law will expire in 2002. > We need strengthen our overseas shipping so that vessels owners will be encouraged to serve more of our trade and carry at least 50% of our import and export trade by 2010. |
| PRINCIPAL AUTHOR/S : SYJUCO, AUGUSTO JR. L |
| DATE FILED : 2002-01-15 |
| SIGNIFICANCE: NATIONAL |
| ADMINISTRATION BILL? No |
| URGENT BILL? No |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2002-01-22 |
Abstract
Rationale: An Overseas Shipping Act was passed in 1955 granting incentives to the sector. Terms for acquiring vessels under this Act were a disincentive to the acquisition and disposition of vessels because it lacked the flexibility needed by ship owners to quickly purchase and dispose of vessels. The incentives under this law expired in 1985. New incentives were given to the sector in 1992. The incentives granted by this law will expire in 2002. > We need strengthen our overseas shipping so that vessels owners will be encouraged to serve more of our trade and carry at least 50% of our import and export trade by 2010.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.