SB 977
Senate·20th Congress·Filed Aug 6, 2025
Passive Income and Financial Intermediary Taxation Act
An Act Amending Sections 22, 24, 25, 27, 28, 29, 30, 32, 34, 37, 38, 39, 42, 51, 52, 54, 56, 57, 73, 108, 121, 122, 123, 174, 176, 179, 181, 182, 183, 184, 185, 186, 187, 188, 189, 190, 191, 194,195, 196, 197, 198, and 199; and Repealing Sections 127, 175, 177, 178, 180, 192, and 193; All Under Republic Act No. 8424, Otherwise Known as the National Internal Revenue Code of 1997, as Amended, and for Other Purposes
In plain language
The PIFITA would replace many existing tax rates on interest, dividends and capital gains with a single 15 % rate, cut the number of tax brackets, and impose a 5 % gross‑receipts tax on banks and other financial intermediaries. It also removes the documentary stamp tax on non‑monetary transactions and adds a 2 % premium tax on life‑insurance products.
TaxationSocial Welfare
Automated summary by BatasWatch. It may miss nuance — read the bill text before citing it.
Subjects
Passive Income/Financial Intermediary TaxationNational Internal Revenue Code (NIRC)
Official sources
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SBN-977 · Sources: BetterGov Open Congress, BatasWatch