Bill Type
Congress Name
Long Title
AN ACT CLARIFYING THE TAX EXEMPTION OF THE OFFSHORE BANKING UNITS AND FOREIGN CURRENCY DEPOSIT UNITS, AMENDING FOR THE PURPOSE SECTION 27 (D)(3) AND SECTION 28, PARAGRAPHS (A)(4) AND A(7) OF INTERNAL REVENUE CODE
Date filed
September 24, 2002
Scope
Legislative History
| House Bill/Resolution NO. House Bill No. 5246, 12th Congress of the Republic |
| REPUBLIC ACT NO. RA09294 |
| FULL TITLE : AN ACT CLARIFYING THE TAX EXEMPTION OF THE OFFSHORE BANKING UNITS AND FOREIGN CURRENCY DEPOSIT UNITS, AMENDING FOR THE PURPOSE SECTION 27 (D)(3) AND SECTION 28, PARAGRAPHS (A)(4) AND A(7) OF INTERNAL REVENUE CODE |
| SHORT TITLE : Clarifying the Tax Exemption of the Offshore Banking and Foreign Currency Deposit Units |
| ABSTRACT : This bill seeks to exempt from all taxes the opertions of Foreign Currency Deposit Units (FCDUs) and Offshore Banking Units (OBUs) EXCEPT for the final tax of TEN (10) PERCENT on "onshore income" (interest income from foreign currency loans to residents). |
| PRINCIPAL AUTHOR/S : JAVIER, EXEQUIEL B. |
| DATE FILED : 2002-09-24 |
| SIGNIFICANCE: NATIONAL |
| COUNTERPART HOUSE BILL/CONCURRENT RESOLUTION: SB02747 |
| URGENT SENATE BILL? Yes |
| DATE CERTIFIED AS URGENT HOUSE BILL: 2004-02-05 |
| ACTIONS TAKEN BY THE COMMITTEE |
| COMMITTEE REPORT NO. 01574 |
| SUBMITTED ON 2003-06-05 |
| SUBMITTED BY: WAYS AND MEANS |
| RECOMMENDATIONS: approval with amendments |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2002-10-01 |
| DATE INCLUDED IN OB: 2003-07-29 |
| DATE CALENDARED : 2003-08-13 |
| SECOND READING INFORMATION |
| PERIOD OF SPONSORSHIP : 2003-09-08 |
| PERIOD OF COMMITTEE AMENDMENTS : 2003-09-08 |
| DATE APPROVED ON SECOND READING : 2003-09-08 |
| REMARKS : The Body approved to consider the Explanatory Note of the Bill as the sponsorship remarks. |
| THIRD READING INFORMATION |
| DATE COPY DISTRIBUTED TO MEMBERS: 2003-10-08 |
| DATE APPROVED BY THE HOUSE ON THIRD READING :2003-12-17 |
| HOUSE VOTES: YEAS:154 NAYS:0 ABSTAIN:.0 |
| DATE TRANSMITTED TO THE SENATE: 2003-12-18 |
| ACTIONS TAKEN BY THE SENATE/HOUSE |
| DATE RECEIVED BY THE SENATE: 2004-01-06 |
| DATE HOUSE AGREED TO THE SENATE AMENDMENTS: 2004-02-07 |
| REMARKS : The Body adopted SB02747 as an amendment to House Bill No. 5246, 12th Congress of the Republic. |
| ACTIONS TAKEN BY THE PRESIDENT |
| DATE TRANSMITTED TO THE PRESIDENT : 2004-03-29 |
| DATE ACTED UPON BY THE PRESIDENT : 2004-04-28 |
| PRESIDENTIAL ACTION:(A)PPROVED/(V)ETOED/(L)APSED : A |
| REPUBLIC ACT NO.: RA09294 |
| ORIGIN : SENATE |
| REPUBLIC ACT TITLE: AN ACT RESTORING THE TAX EXEMPTION OF OFFSHORE BANKING UNITS (OBUs) AND FOREIGN CURRENCY DEPOSIT UNITS (FCDUs), AMENDING FOR THE PURPOSE SECTION 27 (D) (3) AND SECTION 28, PARAGRAPHS (A) (4) AND (A) (7) (b) OF THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED |
Abstract
This bill seeks to exempt from all taxes the opertions of Foreign Currency Deposit Units (FCDUs) and Offshore Banking Units (OBUs) EXCEPT for the final tax of TEN (10) PERCENT on "onshore income" (interest income from foreign currency loans to residents).
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.