MANILA, Philippines - The Bicameral Conference panel of the Senate and House of Representatives has endorsed the reconciled bill granting income tax exemption to local water districts nationwide.
In a bicameral meeting held recently, the House panel led by Rep. Exequiel B. Javier, chairman of the House of Representatives Committee on Ways & Means together with Representatives Liwayway Vinzons-Chato, Luis R. Villafuerte and Teodoro A. Casino agreed to consolidate the provisions of H. No 5210 with that of S. No. 3392.
On the other hand, the Senate Panel led by Senator Panfilo M. Lacson, together with Senators Miguel Zubiri and Pia Cayetano agreed to the adoption of the House version as the working draft provided that a provision on support to local water districts will be included.
The reconciled bill to be ratified by Congress and soon enacted into law, exempts local water districts nationwide from income tax under Section 27 (C) of the National Internal Revenue Code (NIRC) of 1997, as amended.
In addition, the reconciled bill principally authored by Senator Lacson and Rep. Antonino Custodio, respectively, provides support for local water districts.
To provide fresh start to 478 operational local water districts nationwide, the panel also granted condonation of all unpaid taxes due from a local water district for the period starting Aug. 13, 1996 until the effectivity date of the soon enacted law.