Bill Type
Congress Name
Long Title
FULL TITLE : AN ACT AMENDING SECTIONS 22, 24, 31, 32, 34, 35, 79, 106, 107, 108, 109, 110, 148, AND TITLE VI OF REPUBLIC ACT NO. 8424 OTHERWISE KNOWN AS "THE NATIONAL INTERNAL REVENUE CODE OF 1997", AS AMENDED, AND FOR OTHER PURPOSES
Text as filed (link)
Date filed
December 14, 2016
Scope
Legislative History
| House Bill/Resolution NO. HB04688 | |
| FULL TITLE : AN ACT AMENDING SECTIONS 22, 24, 31, 32, 34, 35, 79, 106, 107, 108, 109, 110, 148, AND TITLE VI OF REPUBLIC ACT NO. 8424 OTHERWISE KNOWN AS "THE NATIONAL INTERNAL REVENUE CODE OF 1997", AS AMENDED, AND FOR OTHER PURPOSES | |
| SHORT TITLE : " Tax Reform For Acceleration And Inclusion " | |
| ABSTRACT : Seeks to lower personal income taxes while broadening the VAT base and adjusting excise taxes; Proposes relaxation of bank secrecy and an absolute tax amnesty; Provides for key features among others as follows: a) expanding the VAT base by limiting exemptions to raw food and other necessities, b) increasing excise tax rates on all petroleum products, c) restructuring and increasing the excise tax on automobiles; Also provides for mechanism to link adjustments in petroleum taxes to Dubai crude price se at $85/barrel. | |
| PRINCIPAL AUTHOR/S : SALCEDA, JOEY SARTE | |
| DATE FILED : 2016-12-14 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Batocabe (059 2017-01-18) | 2. Hofer (082 2017-03-14) |
| ACTIONS TAKEN BY THE COMMITTEE | |
| COMMITEE HEARINGS/ACTIONS: | |
| 1. Scheduled for meeting/hearing on 2017-05-10 | |
| 2. Approved by the Committee on Appropriations on 2017-05-10 | |
| MOTHER BILL: HB05636 | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2017-01-16 |
Abstract
Seeks to lower personal income taxes while broadening the VAT base and adjusting excise taxes; Proposes relaxation of bank secrecy and an absolute tax amnesty; Provides for key features among others as follows: a) expanding the VAT base by limiting exemptions to raw food and other necessities, b) increasing excise tax rates on all petroleum products, c) restructuring and increasing the excise tax on automobiles; Also provides for mechanism to link adjustments in petroleum taxes to Dubai crude price se at $85/barrel
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.