House okays exemption of int’l airlines from Common Carriers Tax By Charlie V. Manalo 03/23/2012

House okays exemption of int’l airlines from Common Carriers Tax

By Charlie V. Manalo 03/23/2012
The House of Representatives last Wednesday night approved a bill that will rationalize the taxes, particularly the Common Carriers Tax (CCT) and the Gross Philippine Billings (GPB) tax imposed on international air carriers.

House Bill 6022, a substitute measure to House Bills 3928 and 4444 and House Resolution 1949 seeks to amend Sections 28, 108 and 118 of the National Internal Revenue Code of 1997.

If enacted into law, international air carriers will be exempted from CCT which is three percent of the airline’s gross turnover and GPB which is two percent of the gross turnover..... MORE

Source:  The Daily Tribune

URL: http://www.tribuneonline.org/metro/20120323met3.html