SENATE BILL

JUL
21
2016

SBN-856: Modernizing Agriculture, Providing Funds from the Annual VAT Collections

An Act Modernizing Agriculture, Providing Funds From The Annual Value-Added Tax Collections, Amending For The Purpose The National Internal Revenue Code Of 1997, As Amended

  • Proposes to add a new Section in the NIRC entitled, “Disposition of Proceeds of Value-Added Tax”, setting aside 5% of total annual VAT collection as a fund for agriculture.
  • The fund shall be managed by the Department of Agriculture in consultation with the Local Government Units. The expenditures and corresponding percentages are as follows:
  • Twenty percent (20%) for construction, rehabilitation and restoration of communal irrigation systems;
  • Ten percent (10%) for post-harvest facilities including mechanical and solar dryers and warehouses;
  • Ten percent (10%) for seed and organic fertilizer subsidies;
  • Twenty percent (20%) for farm-to-market roads in municipalities with significant agricultural activities;
  • Ten percent (10%) for livestock dispersal program;
  • Ten percent (10%) for training/capability building programs for agricultural extension workers and their clientele;
  • Ten percent (10%) for microfinance lending programs to finance smallholder agriculture; and
  • Ten percent (10%) for the establishment and maintenance of mariculture and aquaculture parks.

 

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