This law being a companion measure to RA 9399, grants fiscal incentives to registered export enterprises in the special ecozones in Clark, John Hay, Poro Point and Morong, and aligns them with some incentives granted to Subic, such as the imposition of a 5% tax on gross income earned in lieu of national and local taxes, except VAT and real property tax on land. This lays down an equitable system of tax incentives that is uniform to all ecozones and freeports. This bill does not only correct an error in the past but becomes a tool to draw in future investments. (March 20, 2007)

This law seeks to grant a one-time tax amnesty which will cover only the difference between all national and local tax impositions and the 5% tax on gross income earned by registered business enterprises within the special economic zones and freeports created under presidential proclamations pursuant to Sec. 15 of RA 7227. This corrects the oversight, which became subject of a Supreme Court ruling voiding all tax incentives to investors in Clark, John Hay, Morong, and Poro Point because RA 7227 granted incentives only to Subic and to no one else. (March 20, 2007

This law increases rural employment and income by developing our indigenous renewable energy sources and reducing dependence on imported fuels through the grant of incentives and financial assistance to firms engaged in the production and distribution of biofuels. (Jan. 12, 2007)

This law amending Section 110(B) of the National Internal Revenue Code, as amended by RA 9337, encourages more economic activity and restores the neutrality of the VAT system by lifting the 70% cap on the amount of input VAT that can be credited against the VAT liability of a business. (Nov. 21, 2006)

In order to accommodate more Special Purpose Vehicle (SPV) applications and allow the transfer of non performing assets (NPAs) from financial institutions to SPVs, this law extended for eighteen (18) months the period for filing of applications for the establishment and registration of SPVs and extended for two (2) years the period of entitlement to the tax exemptions and fee privileges in the sale or transfer of NPAs. (April 24, 2006)

This law continues to protect housing tenants in the lower income brackets from unreasonable rent increases by expanding the coverage of the rent control law from a monthly rental not exceeding Seven Thousand Five Hundred Pesos (P7,500.00) to Ten Thousand Pesos (P10,000.00) for residential units in the National Capital Region and other highly urbanized cities and from Four Thousand Pesos (P4,000.00) to Five Thousand Pesos (P5,000.00) for all other areas. (December 21, 2005)

This law is part of the bigger effort to address the country’s budget deficit and to respond to the need to increase our tax collection to sustain the government’s delivery of basic services while reducing government borrowings. Value-Added Tax replaced the more burdensome and cascading sales tax. It is a tax on consumption levied on the sale of goods and services and on the imports of goods into the Philippines. (May 24, 2005)

This law provides for a system of rewards/incentives which shall cover all officials and employees of the BIR and the BOC whenever they surpass their collection targets. (January 25, 2005)

This law imposes higher excise tax rates on alcohol and cigarette products which will raise revenues for the government to fund government health programs. Sin Tax is imposed on distilled spirits, wines, fermented liquor, tobacco products, and cigars and cigarettes. (December 21, 2004)