26.3 C
Manila
Tuesday, February 25, 2020
Home News Latest Stories House panel OKs 4th tax reform package

House panel OKs 4th tax reform package

 

THE House of Representatives’ ways and means committee on Tuesday approved the fourth package of the Comprehensive Tax Reform Package (CTRP) under the administration of President Rodrigo Duterte.

The panel, headed by Albay 2nd District Rep. Joey Salceda, voted in favor of House Bill (HB) 304 or the Passive Income and Financial Intermediary Taxation Act (PIFITA).

The measure, which previously failed to hurdle the 17th Congress, was approved after lawmakers moved to invoke Section 48 of the House Rules, advancing it for plenary deliberations.


The Department of Finance said the measure would complement the Tax Reform for Acceleration and Inclusion (TRAIN) by making fairer intermediary taxes, paving the way for a simpler taxation of passive income, financial services and transactions.

This covers taxes under the National Internal Revenue Code of 1997, primarily the passive income taxes, stock transaction tax and initial public offering tax, business taxes on financial intermediaries, and documentary stamp taxes.

With revenues pegged at P4.2 billion, the committee agreed to rationalize DSTs to promote capital mobility.

Salceda said proposed amendments on the bill included exempting non-documentary records under DSTs such as diplomas and transcript of records to benefit students; oath of office which covers barangay (village) officials and other elective officials before assumption of office; good moral standing certificate; affidavits and other certificates or notarized documents; proxies, certificate of no marriage record; baptismal certificates; and marriage licenses.

“This translates to about P450 million foregone,” Salceda told reporters. GLEE JALEA

 

Egypt’s ex-president Hosni Mubarak dead at 91

CAIRO: Egypt's former long-time president Hosni Mubarak died Tuesday at age 91 at Cairo's Galaa military hospital, his family and state TV said. His son...

SKorea ‘very grave’, Moon says as coronavirus cases approach 1,000

SEOUL: The novel coronavirus outbreak in South Korea is "very grave," President Moon Jae-in said on Tuesday as he visited its epicenter and the...

World’s oldest man dies in Japan at 112

TOKYO: A Japanese man recently named the world's oldest living male has died aged 112, a local official said Tuesday. Chitetsu Watanabe, who was born...

Thin crowd marks 34th People Power anniversary 

A thin crowd gathered on Tuesday at the People Power monument along EDSA to mark the 34th anniversary of the peaceful revolution that ended...

WHO warns of pandemic risk after virus peaks in China

GENEVA: The new coronavirus has peaked in China but could still grow into a pandemic, the World Health Organization has warned, as infections mushroom...

Today’s Front Page February 25, 2020

Today’s Front Page February 25, 2020