Bill Type
Congress Name
Long Title
AN ACT AMENDING SECTION 4 (C) OF REPUBLIC ACT NO. 7432, OTHERWISE KNOWN AS THE SENIOR CITIZEN'S ACT, THEREBY EXEMPTING THE BANK DEPOSITS OF SENIOR CITIZENS FROM THE TWENTY PERCENT (20%) WITHHOLDING TAX ON INTEREST INCOME
Date filed
February 12, 2009
Scope
Legislative History
| House Bill/Resolution NO. HB05925 | |
| FULL TITLE : AN ACT AMENDING SECTION 4 (C) OF REPUBLIC ACT NO. 7432, OTHERWISE KNOWN AS THE SENIOR CITIZEN'S ACT, THEREBY EXEMPTING THE BANK DEPOSITS OF SENIOR CITIZENS FROM THE TWENTY PERCENT (20%) WITHHOLDING TAX ON INTEREST INCOME | |
| ABSTRACT : Provides that senior citizens are exempted from paying the withholding tax on the interest income from their bank deposits amounting to not more than One Million (P1,000,000.00) Pesos, provided that the senior citizen should present to the manager of the bank his/her Senior Citizen's ID and a certificate from the chief of the firm where he retired. | |
| PRINCIPAL AUTHOR/S : OCAMPO, SATUR C. | |
| DATE FILED : 2009-02-12 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Bonoan-David (071 ) | 2. Colmenares (072 ) |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2009-02-18 |
Abstract
Provides that senior citizens are exempted from paying the withholding tax on the interest income from their bank deposits amounting to not more than One Million (P1,000,000.00) Pesos, provided that the senior citizen should present to the manager of the bank his/her Senior Citizen's ID and a certificate from the chief of the firm where he retired.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.