Your Committees on Ways and Means, on Local Government and on Finance, has the honor to report back for the consideration and approval of this august body, Senate Bill No. 3519 under Committee Report No. 740, authored by this representation and Senators Lapid, Angara and Biazon, entitled:
Your Committee on Ways and Means has the honor to report back for the consideration and approval of this august body, Senate Bill No. 3502 under Committee Report 724 entitled “An Act Reducing the Tax Insurance Premium Under Certain Conditions, Amending for this Purpose Section 123 of the National Internal Revenue Code as Amended.” The Committee Bill, which is a product of two public hearings on Aug. 11, 2009 and Sept. 1, 2009 respectively is in substitution of the following measures: Continue reading “Sponsorship Speech for SB 3502 (Reducing the Tax Insurance Premium Under Certain Conditions)”
It is my honor and privilege to sponsor before this august Chamber Senate Bill No. 3396=, under Committee Report No. 552, entitled “An Act Amending Republic Act No. 9280, otherwise known as the Customs Brokers Act of 2004, and for other purposes.
International trade and commerce are vital to economic development in an increasingly globalized environment. In the current, fast-paced business arena, restrictive statutory controls can be disadvantageous and will result in significantly costly lags. Our government should therefore respond by enacting appropriate laws that will enhance commerce, instead of creating roadblocks and bottlenecks to progress, i.e., the flow of goods should be facilitated, rather than hampered, as much as possible. Continue reading “Sponsorship Speech for SB 3396 (Act Amending RA 9280/Customs Brokers Act of 2004)”
Paragraph (1), Section 28, Article VI of the 1987 Constitution provides that: “The rule of taxation shall be uniform and equitable. The Congress shall evolve a progressive system of taxation.”
Let me start with a quote from a top-notch lawyer and an acknowledged tax expert, Senate President Juan Ponce Enrile, in opening the Third Regular Session of Congress last July 27, 2009. He said, and I quote: “I urge my colleagues in this Senate and the leaders of the country to reassess our fiscal policies and economic objectives, and devise more creative ways and means to stimulate and hasten the momentum of business and industry in the country, instead of simply looking at taxing the people more. Otherwise, the result might be worse than just economic stagnation. Continue reading “Sponsorship Speech for SB 3392 (Exempting Local Water Districts from Income Tax)”
Mr. President, it is an honor to present before this chamber Senate Bill No. 2963, under Committee Report No. 232, entitled “An Act Regulating the Practice of Real Estate Service in the Philippines, Creating for the Purpose a Professional Regulatory Board of Real Estate Service, Appropriating Funds Therefor and for Other Purposes.”
Real property is considered as a major resource given its viability as a great financial asset not only of individuals or business groups, but of the government as well. It is the most stable, sustainable, and progressive source of income. Unfortunately, it’s vast potential for greater contribution to our gross domestic income remains to be fully tapped.
Real estate practitioners perform highly technical work which provides the basis for decisions on property sales, expropriations, compensation, mortgage financing, and most importantly in the assessment of taxes. It is for this reason that real estate service practitioners serve a vital role in spearheading the continuous flow of capital, in boosting investor confidence, and in promoting overall national progress. Continue reading “Sponsorship Speech for the RESA Bill”
