Bill Type
Congress Name
Long Title
AN ACT AMENDING CERTAIN PROVISION OF REPUBLIC ACT NO. 8282, OTHERWISE KNOWN AS "AN ACT FURTHER STRENGTHENING THE SOCIAL SECURITY SYSTEM THEREBY AMENDING FOR THIS PURPOSE REPUBLIC ACT NO. 1161, AS AMENDED, OTHERWISE KNOWN AS THE SOCIAL SECURITY LAW" BY LOWERING THE MONTHLY RATE OF PENALTY IMPOSED TO EMPLOYERS ON DELAYED REMITTANCE OF CONTRIBUTION FROM THREE PERCENT (3%) PER MONTH TO ONE-HALF PERCENT (1/2%) PER MONTH OR SIX PERCENT (6%) PER ANNUM
Date filed
August 20, 2003
Scope
Legislative History
| House Bill/Resolution NO. House Bill No. 6350, 12th Congress of the Republic |
| FULL TITLE : AN ACT AMENDING CERTAIN PROVISION OF REPUBLIC ACT NO. 8282, OTHERWISE KNOWN AS "AN ACT FURTHER STRENGTHENING THE SOCIAL SECURITY SYSTEM THEREBY AMENDING FOR THIS PURPOSE REPUBLIC ACT NO. 1161, AS AMENDED, OTHERWISE KNOWN AS THE SOCIAL SECURITY LAW" BY LOWERING THE MONTHLY RATE OF PENALTY IMPOSED TO EMPLOYERS ON DELAYED REMITTANCE OF CONTRIBUTION FROM THREE PERCENT (3%) PER MONTH TO ONE-HALF PERCENT (1/2%) PER MONTH OR SIX PERCENT (6%) PER ANNUM |
| ABSTRACT : The present penalty of 3% per month for delayed remittance of contributions to the Social Security System (SSS) is onerous for companies that are financially distressed. This measure proposes to lower the penalty rate imposed on employers for delayed remittance of contributions to the SSS from 3% per month to 1/2% per month computed from the date the contribution falls due until paid. |
| PRINCIPAL AUTHOR/S : SILVERIO, LORNA C. |
| DATE FILED : 2003-08-20 |
| SIGNIFICANCE: NATIONAL |
| CO-AUTHORS (Journal Entries) : |
| 1. Tulagan (012 ) |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON GOVERNMENT ENTERPRISES AND PRIVATIZATION ON 2003-08-26 |
Abstract
The present penalty of 3% per month for delayed remittance of contributions to the Social Security System (SSS) is onerous for companies that are financially distressed. This measure proposes to lower the penalty rate imposed on employers for delayed remittance of contributions to the SSS from 3% per month to 1/2% per month computed from the date the contribution falls due until paid.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.