The proposed Tax
Incentives Management and Transparency Act (Timta)—one of the important revenue
measures of the Aquino administration—has moved a step closer to being enacted
into law.
The Senate and the House
of Representatives ratified the Timta
late Tuesday and Wednesday, respectively. The chairman of
the House Committee on Ways and Means said the proposed Timta will be
transmitted to President Aquino for his signature.
The proposed Timta,
which was included in the priority bills of the 16th Congress, seeks to promote
transparency and accountability in the grant and administration of tax
incentives to business entities, private individuals and corporations.
The measure seeks to
provide a solution to the lack of empirical data on fiscal incentives, thus
enabling the government to “evaluate and maximize revenue spent toward boosting
the country’s economic growth.”
Under the bill, all
heads of the investment-promotion agencies must submit to the National Economic
and Development Authority (Neda) investment-related data, which will include
the list of registered business entities, investment projects, investment cost,
actual employment and export earnings.
Under the bill, violators
will face P100,000 penalty for the first offense, P500,000 for the second and
cancellation of the registration of business entities for the third instance.
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