Bill Type
Congress Name
Long Title
AN ACT ADOPTING THE SIMPLIFIED NET INCOME TAXATION SCHEME FOR INDIVIDUALS ENGAGED IN TRADE/BUSINESS AND/OR PRACTICE OF PROFESSION, AMENDING FOR THE PURPOSE THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED
Date filed
October 2, 2008
Scope
Legislative History
| House Bill/Resolution NO. HB05257 | |
| FULL TITLE : AN ACT ADOPTING THE SIMPLIFIED NET INCOME TAXATION SCHEME FOR INDIVIDUALS ENGAGED IN TRADE/BUSINESS AND/OR PRACTICE OF PROFESSION, AMENDING FOR THE PURPOSE THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED | |
| ABSTRACT : Seeks to address the imbalance in the taxation between wage earners, on the one hand, and professionals and self-employed individuals, on the other hand. Proposes to limit the allowable deductions for individual taxpayers and proposes to grant them an optional standard deduction of 40% of gross income. | |
| PRINCIPAL AUTHOR/S : JAVIER, EXEQUIEL B. | |
| DATE FILED : 2008-10-02 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Codilla (025 ) | 2. Miraflores (027 ) |
| 3. Teodoro (032 ) | |
| ACTIONS TAKEN BY THE COMMITTEE | |
| COMMITEE HEARINGS/ACTIONS: | |
| 1. Approved by the Committee on 2008-10-09 | |
| 2. Committee Report filed on 2008-11-13 | |
| MOTHER BILL: HB05521 | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2008-10-03 |
Abstract
Seeks to address the imbalance in the taxation between wage earners, on the one hand, and professionals and self-employed individuals, on the other hand. Proposes to limit the allowable deductions for individual taxpayers and proposes to grant them an optional standard deduction of 40% of gross income.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.