Bill Type
Congress Name
Long Title
AN ACT ENCOURAGING INCREASED LEVELS OF SAVINGS AND INVESTMENTS, AMENDING FOR THE PURPOSE SECTION 24(B), 121, 122, AND 123 OF THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED
Date filed
July 7, 1998
Scope
Urgent Bill
No
Legislative History
| House Bill/Resolution NO. HB00785 |
| FULL TITLE : AN ACT ENCOURAGING INCREASED LEVELS OF SAVINGS AND INVESTMENTS, AMENDING FOR THE PURPOSE SECTION 24(B), 121, 122, AND 123 OF THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED |
| ABSTRACT : EXEMPTS interest income from the twenty (20%) percent withholding tax imposed on deposits to encourage savings and PHASES OUT the gross receipt tax (GRT) that forms part of the bank's intermediation cost which is passed on to the borrowers, thus contributing to the high lending rates. |
| PRINCIPAL AUTHOR/S : TEVES, HERMINIO G. |
| DATE FILED : 1998-07-07 |
| SIGNIFICANCE: NATIONAL |
| CO-AUTHORS : |
| 1. |
| ADMINISTRATION BILL? No |
| URGENT BILL? No |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON BANKS AND FINANCIAL INTERMEDIARIES ON 1998-07-29 |
| SECONDARILY REFERRED TO THE COMMITTEE(S) ON WAYS AND MEANS |
Abstract
EXEMPTS interest income from the twenty (20%) percent withholding tax imposed on deposits to encourage savings and PHASES OUT the gross receipt tax (GRT) that forms part of the bank's intermediation cost which is passed on to the borrowers, thus contributing to the high lending rates.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.