Bill Type
Congress Name
Long Title
AN ACT ADOPTING THE SIMPLIFIED NET INCOME TAXATION SCHEME FOR AN INDIVIDUAL ENGAGED IN TRADE/BUSINESS AND/OR PRACTICE OF PROFESSION, CREATING A NEW SECTION SEC. 34-A, REPEALING SUBSECTION (L) OF SECTION 34, AND AMENDING SECTIONS 22 AND 24, ALL UNDER THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED
Date filed
November 17, 2005
Scope
Urgent Bill
Yes
Legislative History
| House Bill/Resolution NO. HB04906 |
| FULL TITLE : AN ACT ADOPTING THE SIMPLIFIED NET INCOME TAXATION SCHEME FOR AN INDIVIDUAL ENGAGED IN TRADE/BUSINESS AND/OR PRACTICE OF PROFESSION, CREATING A NEW SECTION SEC. 34-A, REPEALING SUBSECTION (L) OF SECTION 34, AND AMENDING SECTIONS 22 AND 24, ALL UNDER THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED |
| SHORT TITLE : "Simplified Net Income Tax Reform Act of 2005." |
| ABSTRACT : "Simplified Net Income Tax Reform Act of 2005". The bill aims to adopt the simplified net income taxation scheme (SNITS) for individuals engaged in trade/business and/or practice of their profession. It offers a 40% optional standard deduction to professionals and self-employed whose expenses/deductions are difficult to determine. |
| PRINCIPAL AUTHOR/S : LAPUS, JESLI A. |
| DATE FILED : 2005-11-17 |
| SIGNIFICANCE: NATIONAL |
| DATE CERTIFIED AS URGENT:2006-01-16 |
| URGENT BILL? Yes |
| DATE CERTIFIED AS URGENT:2006-01-16 |
| COMMITEE HEARINGS/ACTIONS: |
| 1. Committee Report filed on 2005-11-17 |
| COMMITTEE REPORT NO. 01198 |
| SUBMITTED ON 2005-11-17 |
| SUBMITTED BY: WAYS AND MEANS |
| RECOMMENDATIONS: approval |
| SUBSTITUTED BILLS: HB03826 |
| REFERRAL TO THE COMMITTEE ON RULES ON 2005-11-22 |
| DATE INCLUDED IN OB: 2005-11-22 |
| DATE CALENDARED : 2005-11-30 |
| DATE CONSIGNED TO THE ARCHIVES : 2006-04-05 |
| REMARKS : Inasmuch as the Body already included the contents of HB 4906 under HB 5296, CR01198 on HB04906 was consigned to the Archives. |
Abstract
"Simplified Net Income Tax Reform Act of 2005". The bill aims to adopt the simplified net income taxation scheme (SNITS) for individuals engaged in trade/business and/or practice of their profession. It offers a 40% optional standard deduction to professionals and self-employed whose expenses/deductions are difficult to determine.'
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.