Bill Type
Congress Name
Long Title
AN ACT TO EXEMPT SENIOR CITIZENS FROM THE TWENTY PERCENT (20%) FINAL WITHHOLDING TAX ON INTEREST INCOME FROM PHILIPPINE CURRENCY BANK DEPOSIT, AMENDING FOR THE PURPOSE SECTIONS THREE AND SIX, PARAGRAPH C OF THE BUREAU OF INTERNAL REVENUE REGULATIONSNO. 2-94
Date filed
May 25, 1999
Scope
Urgent Bill
No
Legislative History
| House Bill/Resolution NO. HB07619 | |
| FULL TITLE : AN ACT TO EXEMPT SENIOR CITIZENS FROM THE TWENTY PERCENT (20%) FINAL WITHHOLDING TAX ON INTEREST INCOME FROM PHILIPPINE CURRENCY BANK DEPOSIT, AMENDING FOR THE PURPOSE SECTIONS THREE AND SIX, PARAGRAPH C OF THE BUREAU OF INTERNAL REVENUE REGULATIONSNO. 2-94 | |
| ABSTRACT : A QUALIFIED SENIOR CITIZEN SHALL BE ENTITLED TO THE TWENTY PERCENT (20%) TAX EXEMPTION FROM THE FINAL WITHHOLDING TAX ON INTEREST INCOME FROM PHILIPPINE CURRENCY BANK DEPOSIT: PROVIDED, THAT ONLY FIVE HUNDRED THOUSAND PESOS (P500,000.00) MAXIMUM AMOUNT OF DEPOSIT SHALL BE ALLOWED FOR THE EXEMPTION; PROVIDED FURTHER, THAT A SENIOR CITIZEN WHO AVAILS THIS EXEMPTION SHALL BE REQUIRED TO SUBMIT HIS/HER LIST OF BANK DEPOSITS INCLUDING BANK CERTIFICATIONS ATTESTING THE AUTHENTICITY OF HIS/HER DEPOSIT FOR PURPOSES OF FINAL COMPUTATION AS TO THE MAXIMUM AMOUNT OF DEPOSIT REQUIRED FOR EXEMPTION. | |
| PRINCIPAL AUTHOR/S : BARINAGA, ROSELLER L. | |
| DATE FILED : 1999-05-25 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS : | |
| 1. | 2. |
| 3. | 4. |
| 5. | 6. |
| 7. | |
| ADMINISTRATION BILL? No | |
| URGENT BILL? No | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON POPULATION AND FAMILY RELATIONS ON 1999-06-01 | |
| SECONDARILY REFERRED TO THE COMMITTEE(S) ON WAYS AND MEANS |
Abstract
A QUALIFIED SENIOR CITIZEN SHALL BE ENTITLED TO THE TWENTY PERCENT (20%) TAX EXEMPTION FROM THE FINAL WITHHOLDING TAX ON INTEREST INCOME FROM PHILIPPINE CURRENCY BANK DEPOSIT: PROVIDED, THAT ONLY FIVE HUNDRED THOUSAND PESOS (P500,000.00) MAXIMUM AMOUNT OF DEPOSIT SHALL BE ALLOWED FOR THE EXEMPTION; PROVIDED FURTHER, THAT A SENIOR CITIZEN WHO AVAILS THIS EXEMPTION SHALL BE REQUIRED TO SUBMIT HIS/HER LIST OF BANK DEPOSITS INCLUDING BANK CERTIFICATIONS ATTESTING THE AUTHENTICITY OF HIS/HER DEPOSIT FOR PURPOSES OF FINAL COMPUTATION AS TO THE MAXIMUM AMOUNT OF DEPOSIT REQUIRED FOR EXEMPTION.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.