Bill Type
Congress Name
Long Title
AN ACT INCREASING THE ALLOWABLE INPUT TAX FROM SEVENTY PERCENT (70%) TO NINETY PERCENT (90%) OF OUTPUT VALUE-ADDED TAX, AMENDING FOR THE PURPOSE SECTION 110 (B) OF THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED BY REPUBLIC ACT NUMBERED 9337
Date filed
June 30, 2005
Scope
Legislative History
| House Bill/Resolution NO. HB04493 |
| FULL TITLE : AN ACT INCREASING THE ALLOWABLE INPUT TAX FROM SEVENTY PERCENT (70%) TO NINETY PERCENT (90%) OF OUTPUT VALUE-ADDED TAX, AMENDING FOR THE PURPOSE SECTION 110 (B) OF THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED BY REPUBLIC ACT NUMBERED 9337 |
| ABSTRACT : The bill proposes to raise the ceiling on input tax from 70% to 90% of output value-added tax to generate revenues for the government. Furthermore, the proposed rate is deemed to be more acceptable to the business sector as it would enable them to recover more fully the tax passed on to them by their suppliers. |
| PRINCIPAL AUTHOR/S : SINGSON, ERIC D. |
| DATE FILED : 2005-06-30 |
| SIGNIFICANCE: NATIONAL |
| CO-AUTHORS (Journal Entries) : |
| 1. Codilla (009 ) |
| ACTIONS TAKEN BY THE COMMITTEE |
| COMMITEE HEARINGS/ACTIONS: |
| 1. Approved by the Committee on 2006-08-15 |
| 2. Committee Report filed on 2006-08-31 |
| MOTHER BILL: HB05742 |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2005-07-26 |
Abstract
The bill proposes to raise the ceiling on input tax from 70% to 90% of output value-added tax to generate revenues for the government. Furthermore, the proposed rate is deemed to be more acceptable to the business sector as it would enable them to recover more fully the tax passed on to them by their suppliers.'
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.