Bill Type
Congress Name
Long Title
AN ACT ABOLISHING THE TWENTY PERCENT (20%) FINAL WITHHOLDING TAX IMPOSED UPON THE AMOUNT OF INTEREST FROM ANY CURRENCY BANK DEPOSIT AND YIELD OR ANY OTHER MONETARY BENEFIT FROM DEPOSIT SUBSTITUTES AND FROM TRUST FUNDS AND SIMILAR ARRANGEMENTS AMENDING FOR THE PURPOSE SECTION 24 (B)(1) OF THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED, AND FOR OTHER PURPOSES
Date filed
December 2, 2003
Scope
Legislative History
| House Bill/Resolution NO. House Bill No. 6597, 12th Congress of the Republic | |
| FULL TITLE : AN ACT ABOLISHING THE TWENTY PERCENT (20%) FINAL WITHHOLDING TAX IMPOSED UPON THE AMOUNT OF INTEREST FROM ANY CURRENCY BANK DEPOSIT AND YIELD OR ANY OTHER MONETARY BENEFIT FROM DEPOSIT SUBSTITUTES AND FROM TRUST FUNDS AND SIMILAR ARRANGEMENTS AMENDING FOR THE PURPOSE SECTION 24 (B)(1) OF THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED, AND FOR OTHER PURPOSES | |
| ABSTRACT : Savings generation is the most convenient and inexpensive way of raising capital. However, depositors are dissuaded from putting their money in the bank because of the withholding taxes imposed on interest earnings and the low interest rates on savings deposits. This bill seeks to abolish the twenty percent (20%) final withholding tax imposed on the interest earnings of any currency bank deposit and yield or any other monetary benefit from deposit substitutes and from trust funds and similar arrangements. The proposed act will help spur economic growth by generating more investment capital sourced from savings deposits. | |
| PRINCIPAL AUTHOR/S : DE VENECIA, JOSE JR. C. | |
| DATE FILED : 2003-12-02 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Codilla (033 ) | 2. Del Mar (038 ) |
| 3. Chatto (041 ) | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2003-12-09 |
Abstract
Savings generation is the most convenient and inexpensive way of raising capital. However, depositors are dissuaded from putting their money in the bank because of the withholding taxes imposed on interest earnings and the low interest rates on savings deposits. This bill seeks to abolish the twenty percent (20%) final withholding tax imposed on the interest earnings of any currency bank deposit and yield or any other monetary benefit from deposit substitutes and from trust funds and similar arrangements. The proposed act will help spur economic growth by generating more investment capital sourced from savings deposits.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.