Legislative History
| House Bill/Resolution NO. House Bill No. 5418, 12th Congress of the Republic | |
| FULL TITLE : AN ACT EXEMPTING GAINS, INTEREST, YIELD AND OTHER MONETARY BENEFITS FROM BONDS, DEBENTURES OR OTHER CERTIFICATE OF INDEBTEDNESS FROM INCOME TAXES, AMENDING FOR THE PURPOSE REPUBLIC ACT NUMBERED EIGHTY-FOUR HUNDRED AND TWENTY-FOUR, OTHERWISE KNOWN AS`THE TAX REFORM ACT OF 1997', AS AMENDED | |
| ABSTRACT : Rationale: Gains realized from the sale or exchanged or retirement of bonds, debentures or other certificates of indebtedness with a maturity of more than five (5) years shall be exempt from income taxes. In order to provide the same incentives forlong-term savings and/or deposit insturments with banks and with maturities of five (5) years or more, tax incentives provided under Section 32 (B)(7)(g) were also extended to such long-term savings and/or deposit instruments, thru Section 24 (B)(1)which provides that 'interest income from long-term deposit' or 'investment in the form of savings, common or individual trust funds, deposit substitutes, investment management accounts and other investments evidenced by certificates of indebtednessin such form as prescribed by the Bangko Sentral ng Pilipinas', shall likewise be exempt from withholding tax. However, the apparent intention of the legislature to provide tax exemptions, only the tax exempt provisions of Section 24 (B)(1) are being | |
| PRINCIPAL AUTHOR/S : DE VENECIA, JOSE JR. C. | |
| DATE FILED : 2002-10-24 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS : | |
| 1. Nieva | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Calalay (030 ) | 2. Calizo (055 ) |
| ADMINISTRATION BILL? No | |
| URGENT BILL? No | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2002-11-12 |
Abstract
"Rationale: Gains realized from the sale or exchanged or retirement of bonds, debentures or other certificates of indebtedness with a maturity of more than five (5) years shall be exempt from income taxes. In order to provide the same incentives forlong-term savings and/or deposit insturments with banks and with maturities of five (5) years or more, tax incentives provided under Section 32 (B)(7)(g) were also extended to such long-term savings and/or deposit instruments, thru Section 24 (B)(1)which provides that 'interest income from long-term deposit' or 'investment in the form of savings, common or individual trust funds, deposit substitutes, investment management accounts and other investments evidenced by certificates of indebtednessin such form as prescribed by the Bangko Sentral ng Pilipinas', shall likewise be exempt from withholding tax. However, the apparent intention of the legislature to provide tax exemptions, only the tax exempt provisions of Section 24 (B)(1) are being"
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.