Bill Type
Congress Name
Long Title
AN ACT AMENDING SECTION TWENTY-SEVEN OF THE TAX REFORM ACT OF 1997 AND HEREBY IMPOSING A TAX ON INTEREST INCOME AND CAPITAL GAINS OF THE GOVERNMENT SERVICE INSURANCE SYSTEM AND SOCIAL SECURITY SYSTEM
Date filed
October 7, 1999
Scope
Urgent Bill
No
Legislative History
| House Bill/Resolution NO. HB08638 | |
| FULL TITLE : AN ACT AMENDING SECTION TWENTY-SEVEN OF THE TAX REFORM ACT OF 1997 AND HEREBY IMPOSING A TAX ON INTEREST INCOME AND CAPITAL GAINS OF THE GOVERNMENT SERVICE INSURANCE SYSTEM AND SOCIAL SECURITY SYSTEM | |
| ABSTRACT : Rationale: The tax exemption of the SSS and the GSIS give them an advantage over other investment houses and pension funds when they participate in the capital market. The tax exemption gives them higher profits in their investents and this allows them a wider room in making deals. To level the playing field, this bill proposes to tax the investment of the SSS and GSIS. They will be subject to taxes such as capital gains tax and stock transaction tax, 20% final tax on deposits just like any other corporation. | |
| PRINCIPAL AUTHOR/S : TEVES, HERMINIO G. | |
| DATE FILED : 1999-10-07 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS : | |
| 1. | 2. |
| 3. | 4. |
| 5. | 6. |
| 7. | 8. |
| 9. | 10. |
| 11. | |
| ADMINISTRATION BILL? No | |
| URGENT BILL? No | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 1999-11-08 | |
| SECONDARILY REFERRED TO THE COMMITTEE(S) ON GOVERNMENT ENTERPRISES AND PRIVATIZATION |
Abstract
Rationale: The tax exemption of the SSS and the GSIS give them an advantage over other investment houses and pension funds when they participate in the capital market. The tax exemption gives them higher profits in their investents and this allows them a wider room in making deals. To level the playing field, this bill proposes to tax the investment of the SSS and GSIS. They will be subject to taxes such as capital gains tax and stock transaction tax, 20% final tax on deposits just like any other corporation.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.