Legislative History
| House Bill/Resolution NO. HB08601 |
| FULL TITLE : AN ACT AMENDING ARTICLE 39(A)(1) OF EXECUTIVE ORDER NO. 226, OTHERWISE KNOWN AS THE OMNIBUS INVESTMENTS CODE OF 1987, AS AMENDED(RE: TWELVE YEARS INCOME TAX HOLIDAY FOR A REGISTERED PIONEER ENTERPRISE BASED ON SEVERAL CONDITIONS) |
| ABSTRACT : A REGISTERED PIONEER ENTERPRISE MAY BE GRANTED A MAXIMUM OF TWELVE YEARS INCOME TAX HOLIDAY SUBJECT TO THE APPROVAL OF THE SECRETARY OF FINANCE, AND COMPLIANCE BY THE REGISTRED PIONEER ENTERPRISE, WITH ALL THE FOLLOWING CONDITIONS: (A) THE PROJECT WILL MANUFACTURE PRODUCTS THAT ARE DISTINCTLY AND COMPLETELY NEW IN THE PHILIPPINE AND WILL BE LARGELY FOR EXPORTS OR WHICH ARE ESSENTIAL RAW MATERIALS, PARTS AND/OR COMPONENTS OF THE COUNTRY'S SIGNIFICANT EXPORTS; (B) THE PROJECT WILL REQUIRE A NEWINVESTMENT OF AT LEAST ONE BILLION US DOLLARS (US $1,000,000,00); (C) THE PROJECT WILL CREATE HIGH DOMESTIC ALUE-ADDED; (D) THE PROJECT WILL STRENGTHEN WORLD-COMPETETI VENESS OF DOWNSTREAM AND RELATED INDUSTRIAL AND SERVICE SECTORS; AND (E) THE PROJEECT WILL LEAD TO ACQUISITION BY FILIPINO WORKERS OF HIGHLY ADVANCED TECHNOLOGICAL SKILLS AND EXPERTISE BY WORLD STRANDARDS. |
| PRINCIPAL AUTHOR/S : SUAREZ, DANILO E. |
| DATE FILED : 1999-10-05 |
| SIGNIFICANCE: NATIONAL |
| ADMINISTRATION BILL? No |
| URGENT BILL? No |
| ACTIONS TAKEN BY THE COMMITTEE |
| MOTHER BILL: HB10596 |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 1999-10-08 |
| SECONDARILY REFERRED TO THE COMMITTEE(S) ON TRADE AND INDUSTRY |
Abstract
A REGISTERED PIONEER ENTERPRISE MAY BE GRANTED A MAXIMUM OF TWELVE YEARS INCOME TAX HOLIDAY SUBJECT TO THE APPROVAL OF THE SECRETARY OF FINANCE, AND COMPLIANCE BY THE REGISTRED PIONEER ENTERPRISE, WITH ALL THE FOLLOWING CONDITIONS: (A) THE PROJECT WILL MANUFACTURE PRODUCTS THAT ARE DISTINCTLY AND COMPLETELY NEW IN THE PHILIPPINE AND WILL BE LARGELY FOR EXPORTS OR WHICH ARE ESSENTIAL RAW MATERIALS, PARTS AND/OR COMPONENTS OF THE COUNTRY'S SIGNIFICANT EXPORTS; (B) THE PROJECT WILL REQUIRE A NEWINVESTMENT OF AT LEAST ONE BILLION US DOLLARS (US $1,000,000,00); (C) THE PROJECT WILL CREATE HIGH DOMESTIC ALUE-ADDED; (D) THE PROJECT WILL STRENGTHEN WORLD-COMPETETI VENESS OF DOWNSTREAM AND RELATED INDUSTRIAL AND SERVICE SECTORS; AND (E) THE PROJEECT WILL LEAD TO ACQUISITION BY FILIPINO WORKERS OF HIGHLY ADVANCED TECHNOLOGICAL SKILLS AND EXPERTISE BY WORLD STRANDARDS.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.