HOUSE BILL NO. 6135: THE PROPOSED FISCAL MINING REGIME BILL

One of the economic measures being fast-tracked by Congress is House Bill No. 6135 or the Fiscal Mining Regime Bill. The objective of the bill is to rationalize and institutionalize a fiscal regime applicable to all mineral agreements. This would enhance the government’s equitable share in the utilization of natural resources without compromising the mining sector’s need for a reasonable return on investment. Tax Implication of the Fiscal Mining Regime Bill The proposed bill seeks to amend Sections 34 and 151 of the National Internal Revenue Code, as amended. By the proposed…

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SALIENT POINTS OF HOUSE BILL NO. 6622: THE PHILIPPINE BANKING INDUSTRY RESILIENCY AGAINST COVID-19 PANDEMIC ACT

On May 11, 2020 the National Economic and Development Authority (NEDA) through Acting Socioeconomic Planning Secretary Karl Kendrick Chua revealed that House Bill No. 6622 (HB6622) or “The Philippine Banking Industry Resiliency Against COVID-19 Pandemic Act” is likely to be certified as urgent by President Rodrigo Duterte. The Bill authored by Representative Junie Cua will encourage financial institutions to sell their non-performing assets (NPAs) to Financial Institution Strategic Transfer Corporations (FISTSCs), and grants tax exemptions and reduced registration and transfer fees to certain transactions. One of the major reason for the probable…

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