Legislative History
| House Bill/Resolution NO. HB04912 |
| FULL TITLE : AN ACT EXEMPTING DIVIDENDS FROM INCOME TAX AND ABOLISHING THE IMPROPERLY ACCUMULATED EARNINGS TAX, AMENDING FOR THIS PURPOSE SECTIONS 24(B), 25(A), 32(B) AND 57(A), AND REPEALING SECTION 29 OF THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED |
| ABSTRACT : Intends to exclude from the gross income - "CASH AND/OR PROPERTY DIVIDENDS ACTUALLY OR CONSTRUCTIVELY RECEIVED BY AN INDIVIDUAL AND A CORPORATION FROM ANOTHER CORPORATION, OR FROM A JOINT STOCK COMPANY, OR FROM AN INSURANCE OR MUTUAL FUND COMPANY OR FROM A REGIONAL OPERATING HEADQUARTERS OF A MULTINATIONAL COMPANY, OR THE SHARE OF AN INDIVIDUAL IN THE DISTRIBUTABLE NET INCOME AFTER TAX OF A PARTNERSHIP OF WHICH HE IS A PARTNER, OR THE SHARE OF AN INDIVIDUAL IN THE NET INCOME AFTER TAX OF AN ASSOCIATION, A JOINT ACCOUNT, OR A JOINT VENTURE TAXABLE AS A CORPORATION OF WHICH HE IS A MEMBER OR A CO-VENTURER".Provides that "the tax on improper accumulation of surplus is essentially a penalty tax designed to compel corporations to distribute earning so that the said earning by shareholders could, in turn, be taxed". |
| PRINCIPAL AUTHOR/S : SANTOS-RECTO, VILMA |
| DATE FILED : 2019-09-30 |
| SIGNIFICANCE: NATIONAL |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2019-10-02 |
Abstract
Intends to exclude from the gross income - "CASH AND/OR PROPERTY DIVIDENDS ACTUALLY OR CONSTRUCTIVELY RECEIVED BY AN INDIVIDUAL AND A CORPORATION FROM ANOTHER CORPORATION, OR FROM A JOINT STOCK COMPANY, OR FROM AN INSURANCE OR MUTUAL FUND COMPANY OR FROM A REGIONAL OPERATING HEADQUARTERS OF A MULTINATIONAL COMPANY, OR THE SHARE OF AN INDIVIDUAL IN THE DISTRIBUTABLE NET INCOME AFTER TAX OF A PARTNERSHIP OF WHICH HE IS A PARTNER, OR THE SHARE OF AN INDIVIDUAL IN THE NET INCOME AFTER TAX OF AN ASSOCIATION, A JOINT ACCOUNT, OR A JOINT VENTURE TAXABLE AS A CORPORATION OF WHICH HE IS A MEMBER OR A CO-VENTURER".Provides that "the tax on improper accumulation of surplus is essentially a penalty tax designed to compel corporations to distribute earning so that the said earning by shareholders could, in turn, be taxed".
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.