Legislative History
House Bill/Resolution NO. HB07892 |
FULL TITLE : AN ACT ESTABLISHING GUIDELINES FOR THE APPLICATION OF LOCAL CHARGES (ORIGIN AND DESTINATION FEES) IMPOSED BY INTERNATIONAL SHIPPING LINES TO COMPLY WITH EXISTING LAWS AND INTERNATIONAL STANDARDS (INCO TERMS) |
ABSTRACT : Seeks to a.) enforce applicable Philippine Law; b.) collect the correct rate of duties and taxes on importations by transparently including the cost of transportation on the dutiable value of the importations; c.) collect the taxes due on revenue generated by international shipping lines for activities and corresponding income generated within the Philippines in accordance with the pertinent provisions of the Internal Revenue Code; d.) make sure that business is conducted based on internationally recognized standards agreed by the contracting trade partners; and, e.) protect the public from arbitrary, compulsive and indiscriminate charges incorrectly collected from the parties not subject of any contract under duress. |
PRINCIPAL AUTHOR/S : YAP, ARTHUR C. |
DATE FILED : 2018-06-28 |
SIGNIFICANCE: NATIONAL |
ACTIONS TAKEN BY THE COMMITTEE ON RULES |
REFERRAL TO THE COMMITTEE ON TRANSPORTATION ON 2018-07-30 |
Abstract
Seeks to a.) enforce applicable Philippine Law; b.) collect the correct rate of duties and taxes on importations by transparently including the cost of transportation on the dutiable value of the importations; c.) collect the taxes due on revenue generated by international shipping lines for activities and corresponding income generated within the Philippines in accordance with the pertinent provisions of the Internal Revenue Code; d.) make sure that business is conducted based on internationally recognized standards agreed by the contracting trade partners; and, e.) protect the public from arbitrary, compulsive and indiscriminate charges incorrectly collected from the parties not subject of any contract under duress
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.