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House okCys 2 priority economic bills
Investments Act (FIA). Likewise, it seeks to !e- Under the proposal,
By Jester P. Voting was 186 to six duce tax rates on mterest foreigners may own small
Manalastas with two abstentions the income from regular sav- and medium-sized enter-
THE House of Represen- congressmen approved ings and shorttdrn depo6- Drises with a minimum
tatives has passed- two PllTlAwhichaimsatsim- its to 15 percent from 20 faid-up capital of less than
administration-backed plifying the taxation of percent. $100,000 if it involves ad-
measures thatwouldhelp p,ts$ve rncome, llnanclal Interest income from vanced teclnology, or it
boost the conntrj/s econ- services and uansactions. assets long+erm dePosits, ernploys at least 15 direct
omY. Salceda stressed that f oreign currency dePosits, employees.
ird by Sp.atcer elun PIFITAwill"rationalizettLe rnd dividendsfromstoc.ks Chairman of tlre House
Peter Cayetano, Majority taxation of the financial will also be taxed at 15 Comrnittee on Tmde and
Leader and Leyte ReP. sector so that it becomes Dercent. ldustry Valenzuela City
Martin Romualdez and simpler, fairer, more effi- ' Thi. bi ui-" to lo*". ReD. Wes Gatchalian said
Albay Rep. Joey Safie Sal- cient and regionally com- taxes on inEurance and the^ measu-re is expected to

ceda, chairman of theways Detitive."
and means cotrunifte€, the ' This bill is the fourth
lower chamber passed on package oI Presiderrt Rod-
thirdreadineHouseBill304 igo Duterte's tax retorm
or Passive licome and Fi- progam.
nancial Intermediarv Tax- aims to crt the nrln-
Tt
ation Act (PIFTAj and ber of tax rates on passive
House Bill 300 or the income, f inancial services
amendments to Republic andkansactionsto36from
Act 7042 ot the Foreign 80 at prernt.
harmonize the taxiates for
life and health insurance,
and non-lif e insurance.
Meanwhile, House Bill
300 qrcks q> grnend a law
goveming foreign invest-
ments in the Philippine€.
The FIA got 201 affir-
rnative votes and six nega-
tive.
athact more foreign inves-
tors.
"O$r'nershiplimitations
as well as paid-up capital
requirements effectively
prwentsmallerforeign en-
tities witln insufficiently
large investrnents to open
businesses in the Philip-
pines," Gatchalian said.
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