ROMUALDEZ – GIVE TAX INCENTIVES TO GROUPS HELPING THE REBUILDING OF THE CALAMITY-STRICKEN AREAS

Ryan Ponce Pacpaco December 24 STORY #1 “SESSION” THE House independent bloc yesterday sought the passage of a proposed law granting tax incentives to the private groups helping government’s efforts in the rebuilding of calamity-stricken areas when Congress resumes sessions on January 19, 2015. Leyte Rep. Ferdinand Martin G. Romualdez, the leader of the House bloc, led the filing of House Bill (HB) No. 3447 which is also calling for the active participation of the private sector in the ongoing reconstruction efforts to help the victims of strong typhoons and earthquake. “Since the government cannot do it alone, we must encourage private sector participation to help the victims of the calamities,” Romualdez stressed. "The national government must encourage the participation of the private sector. It becomes imperative therefore, that Congress should introduce measures in line with this policy thrust," Romualdez explained. Other who joined the filing of HB No. 3447 were Navotas Rep. Tobias “Toby” M. Tiangco, Quezon Rep. Aleta C. Suarez, La Union Rep. Victor Francis C. Ortega, Surigao del Sur Rep. Philip A. Pichay, Cavite Rep. Lani M. Revilla, Buhay Hayaang Yumabong (Buhay) party-list Rep. Lito Atienza, Abakada party-list Rep. Jonathan A. Dela Cruz, former President-turned Pampanga Rep. Gloria M. Arroyo and Camarines Sur Rep. Diosdado M. Arroyo. Under HB No. 3447, it prohibits the imposition of the donor's tax for all monetary contributions and the equivalent monetary value of items donated, granted or bestowed for humanitarian and relief purposes during natural disasters, provided, that such donations, grants, endowments or contributions were used actually, directly and exclusively for relief operations during disasters. The bill provides that donations made by purely compensation income earners to the government or to charitable institutions, occasioned by calamitous events, shall be treated as allowable deductions, while donations made by juridical entities shall be deductible in full. "Sole proprietorships, partnerships, or corporations which immediately resumes or initiates news businesses within the stricken areas shall be given preferential rates with regard to business fees and taxes to help in the rehabilitation program of the government," the bill said.(RPP)

Ryan Ponce Pacpaco
December 24
STORY #1 “SESSION”
THE House independent bloc yesterday sought the passage of a proposed law granting tax incentives to the private groups helping government’s efforts in the rebuilding of calamity-stricken areas when Congress resumes sessions on January 19, 2015.
Leyte Rep. Martin Romualdez, the leader of the House bloc, led the filing of House Bill (HB) No. 3447 which is also calling for the active participation of the private sector in the ongoing reconstruction efforts to help the victims of strong typhoons and earthquakes. “Since the government cannot do it alone, we must encourage private sector participation to help the victims of the calamities,” Romualdez stressed.
“The national government must encourage the participation of the private sector. It becomes imperative therefore, that Congress should introduce measures in line with this policy thrust,” Romualdez explained.
Others who joined the filing of HB No. 3447 were Navotas Rep. Tobias “Toby” M. Tiangco, Quezon Rep. Aleta C. Suarez, La Union Rep. Victor Francis C. Ortega, Surigao del Sur Rep. Philip A. Pichay, Cavite Rep. Lani M. Revilla, Buhay Hayaang Yumabong (Buhay) party-list Rep. Lito Atienza, Abakada party-list Rep. Jonathan A. Dela Cruz, former President-turned Pampanga Rep. Gloria M. Arroyo, and Camarines Sur Rep. Diosdado M. Arroyo. Under HB No. 3447, it prohibits the imposition of the donor’s tax for all monetary contributions and the equivalent monetary value of items donated, granted, or bestowed for humanitarian and relief purposes during natural disasters, provided that such donations, grants, endowments or contributions were used actually, directly, and exclusively for relief operations during disasters. The bill provides that donations made by purely compensation income earners to the government or to charitable institutions, occasioned by calamitous events, shall be treated as allowable deductions, while donations made by juridical entities shall be deductible in full. “Sole proprietorships, partnerships, or corporations which immediately resumes or initiates news businesses within the stricken areas shall be given preferential rates with regard to business fees and taxes to help in the rehabilitation program of the government,” the bill said. (RPP)

No Comments Permalink

Say something

Your email address will not be published. Required fields are marked with a grey bar.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>