"It is time to adopt, and important in the global financial crisis is not considered, in both Houses of Congress in March last year, on April 5 and Claudio 14 of the law was in Malacañang.A compromise version of Senate Bill 2213 legislation and Senator Richard Gordon as the House of Representatives Bill 5229 was written by the Republic of Bohol. Edgar Chatto.
Claudio, research, or even the Finance Ministry announced the signing of the law, the government one year to the use of P6 billion lost were presented.
"Many of [the law] would effectively change the existing legislation and contrary to the current policy on the taxation of dividends, transfers, and state-owned enterprises, tax incentives, the distribution of income from privatization and sale of certain income," the list.
Ministry of Finance of the capitalization of companies established on the basis of the Income Tax Act, exempt companies that corporate dividends will be deleted.
Under the Philippine Tourism Organization, which will be renamed in the infrastructure for tourism and trade zone, and the agency will monitor the work in tourist areas.
In the Duty Free Philippines will be adjusted and re-Duty Free Philippines Corp., and continue the process, the Duty-free shops and the introduction of the system.
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