Voting 27 for and 2 against, the House panel, chaired by Albay Rep. Joey Salceda, passed House Bill 313, the Corporate Income Tax and Incentive Rationalization Act Bill. The measure is the second package of the Duterte administration’s Comprehensive Tax Reform Program .
It was Nueva Ecija Rep. Estrellita Suansing, vice chairman of the House Committee on Ways and Means and one of the authors of the bill, who moved for the approval of the bill for plenary consideration. The CITIRA bill was approved, a day after the Salceda panel passed House Bill 1026, which seeks to raise the excise tax on alcohol products. The proposed imposition of higher excise tax rates on alcohol products is the Package 2 Plus B of the Duterte administration’s Comprehensive Tax Reform Program .
The measure also seeks to remove the option for corporations, including resident foreign corporations, to avail of the 15 percent gross income tax and subject corporate taxpayers who enjoy preferential rates, to the 30 percent CIT or the adjusted CIT.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
LIST: House committee chairmanships for 18th Congress(11th UPDATE) Presidential son and Davao City 1st District Representative Paolo Duterte is a deputy speaker, while Davao City 3rd District Representative Isidro Ungab heads the appropriations committee
Source: rapplerdotcom - 🏆 4. / 86 Read more »
House panel sends bill seeking to raise excise tax on alcohol products for plenary deliberationThe House Committee on Ways and Means
Source: manilabulletin - 🏆 25. / 51 Read more »
House panel OKs second tranche of tax reformThe House Ways and Means committee has approved the Corporate Income Tax and Incentives Reform bill, formerly known as the TRABAHO bill, which seeks to reduce corporate income tax rates and update the current fiscal incentives program.
Source: CNN Philippines - 🏆 13. / 63 Read more »
House panel approves TRABAHO Bill
Source: ANCALERTS - 🏆 26. / 50 Read more »
Submission of proposed NEP to jumpstart budget deliberations in House panelExpecting the Malacañang's submission of its proposed 2020 P4.1 trillion national budget on August 20, the House Committee on Appropriations is set to jumpstart its budget deliberations on August 22.
Source: manilabulletin - 🏆 25. / 51 Read more »
House Bill seeks to authorize city, municipal mayors to approve extraction, quarrying permitsNegros Oriental Rep. Jocelyn S. Limkaichong is proposing to empower the city and municipal mayors to issue permits to extract sand, gravel and other quarry resources. Binabaha na nga tayo tapos mag babawasan nyo pa ang mga bato na sumusuporta sa kalupaan natin? Mga gago ba kayo? It will be abused!
Source: manilabulletin - 🏆 25. / 51 Read more »