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e approvesTrain 4
THE ,House committee on ways and thored, House Bitl (HB) 304 or the 'Paslive
Financial Intermediarf Taxation
Means on Tuesday approved the fourth pack-
Inc911
1nd
.ge of th. Compienensive Tax Reform Pack-
A{:
' rn.(Pifrta)' failed to hurdle the 17th
age (cfRp) of tr,. out.rte adminisrr;i";
bill,'which
Congress, approved after lawmakers
Thepanelrr.raeJuyofttsecondDistrict .was
,,raey,, section 48 of the House
R.p.6;t Marfa cffi# sarceda rno*a to invoke
voted in favor of the measurb that he au- F'TRAIN 4 A2

ffi TRAIN 4 FROM A1

House approvesTrain
Rules, advancing it for Plenary "This translates to about
deliberations. P45O-million foregone (rev-
The Department of Finance enues)," Salceda said.
said the measure would com- The other reforms ProPosed
plement the Tax Reform for by Package 4 include reduc-
Acceleration and Inclusion tion in the number of with-
(Train) Law bY making fairer holding tax rates from B0 to
intermediary taxes, Paving 4l; a uniform rate of 15 Per-
way for a simPler taxation of cent to be imposed on interest
passive income, financial ser- income and caPital gains on
vices and transactions. the sale of shares of stock and
This covers taxes under the debt instruments; removal of
National Internal Revenue between lend-
-the {igtinction
Code of L997, primarilY the ing and non-lending income;
passive income taxes, stock taxing all types of income at
transaction tax and initial five percent excePt dividends
public offering tax, business and equity shares; and adoP-
taxes on financial intermedi- tion of tax rates comParable to
Lries and documentary stamP Southeast Asian nations.
taxes (DSTs). Last week, the House of
..With revenues Pegged at Representatives aPProved HB
P4.2 billion, the committe€ 1206, which imPoses an in-
agreed to rationahze DSTs to crease in alcohol and tobacco
promote capital mobilitY. taxes, the first measure to have
Salceda said ProPosed successfully hurdled the 18th
amendments to the bill in- Congress.
clude exempting DST docu- Package 2 of the CTRP or the
ments such as diPlomas and Comprehensive Income Tax
transcript of records to benefit and Incentive Rationalization
students; oath of office, which Act (Citira) bill, which was
covers barangay (village) of- also approved in the commit-
ficials and other elective of- tee level, will undergo Plenary
ficials before assumPtion of deliberations this week.
office; good moral standing The House is eYeing sPeedY
certificate; affidavits and other approval of all tax and eco-
certificates or notarized docu- riomic reform measures
ments; proxies, certificate of of President Rodrigo Duterte $gtafr7
no marriage record; baptis- by the end of the Year to "Pro-
mal certificates; and marriage pel the countrY's economic
, licenses. growth." GLEE JALEA