Legislative History
| House Bill/Resolution NO. House Bill No. 5605, 12th Congress of the Republic |
| FULL TITLE : AN ACT AMENDING SECTION 109, CHAPTER I, TITLE IV OF PRESIDENTIAL DECREE NO. 1158, AS AMENDED, UP TO REPUBLIC ACT NO. 8424, OTHERWISE KNOWN AS THE NATIONAL INTERNAL REVENUE CODE, AND FOR OTHER PURPPOSES THEREOF(RE: VAT ON FILM INDUSTRY) |
| ABSTRACT : Rationale: The imposition of ten percent (10%) Value-added Tax (VAT) increases the amount of tax paid by the members of the film industry to a grant total of thirty percent (30%) of their income. It runs contrary to the policy of the State to support and develop the local film industry. The imposition of 10% VAT is another disincentive to the film industry to produce films of superior quality and to enhance the skills and talents of Filipino artists anf fil, producers. To precent the dying filmindustry from going down further and to promote the development and growth of the local film industry, this bill seeks to exempt the members of the film industry and the other individuals in the same category from the imposition of the 10% Value-addded Tax. |
| PRINCIPAL AUTHOR/S : MARCOS, IMEE R. |
| DATE FILED : 2003-01-20 |
| SIGNIFICANCE: NATIONAL |
| ADMINISTRATION BILL? No |
| URGENT BILL? No |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2003-01-27 |
Abstract
Rationale: The imposition of ten percent (10%) Value-added Tax (VAT) increases the amount of tax paid by the members of the film industry to a grant total of thirty percent (30%) of their income. It runs contrary to the policy of the State to support and develop the local film industry. The imposition of 10% VAT is another disincentive to the film industry to produce films of superior quality and to enhance the skills and talents of Filipino artists anf fil, producers. To precent the dying filmindustry from going down further and to promote the development and growth of the local film industry, this bill seeks to exempt the members of the film industry and the other individuals in the same category from the imposition of the 10% Value-addded Tax.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.