Bill Type
Congress Name
Long Title
AN ACT AMENDING SECTIONS 141, 142, 143, 144 AND 145 OF THE NATIONAL INTERNAL REVENUE CODE OF 1997 (RE: INDEXATION OF SIN TAXES)
Date filed
July 31, 2002
Scope
Urgent Bill
No
Legislative History
| House Bill/Resolution NO. House Bill No. 5057, 12th Congress of the Republic |
| FULL TITLE : AN ACT AMENDING SECTIONS 141, 142, 143, 144 AND 145 OF THE NATIONAL INTERNAL REVENUE CODE OF 1997 (RE: INDEXATION OF SIN TAXES) |
| ABSTRACT : This bill intends to bring back the value of tax rates for alcohol and tobacco products to their 1997 LEVEL through the process of INDEXATION. > Allowing indexation and reclassificatio n will ensure that the tax rate on said products is maintainedat their real original levels despite the impact of inflation. The process of indexation and reclassificatio n will be made transparent and clear to ensure that it is fair and equitable to all products, whether these are brands existing in 1997 or new brands that have emerged since then. |
| PRINCIPAL AUTHOR/S : LEDESMA, JULIO IV A. |
| DATE FILED : 2002-07-31 |
| SIGNIFICANCE: NATIONAL |
| CO-AUTHORS (Journal Entries) : |
| 1. Nieva (009 ) |
| ADMINISTRATION BILL? No |
| URGENT BILL? No |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2002-08-07 |
Abstract
This bill intends to bring back the value of tax rates for alcohol and tobacco products to their 1997 LEVEL through the process of INDEXATION. > Allowing indexation and reclassificatio n will ensure that the tax rate on said products is maintainedat their real original levels despite the impact of inflation. The process of indexation and reclassificatio n will be made transparent and clear to ensure that it is fair and equitable to all products, whether these are brands existing in 1997 or new brands that have emerged since then.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.