Moves to raise tax exemption cap on bonuses gain ground in House
Moves to increase the tax exemption cap on bonuses gained ground in the House of Representatives as another lawmaker filed a similar proposed measure.
Moves to increase the tax exemption cap on bonuses gained ground in the House of Representatives as another lawmaker filed a similar proposed measure.
Congress will pass a bill increasing the amount of 13th month pay that will be exempted from the income tax from the present P30,000 to P75,000, Senate President Franklin Drilon said on Tuesday.
The government stands to lose as much as P40 billion in revenues if a House bill seeking to raise the tax ceiling exemption of workers is passed, a finance official warned.
The government thumbed down on Tuesday all proposed tax-exemption measures in the Senate, saying this would cost the government P74 billion in revenue losses.
Sen. Ralph Recto has filed a bill increasing to P75,000 the amount in 13th-month pay, Christmas bonus and other benefits that would be exempt from income tax.
In coming to boxing superstar Manny Pacquiao’s defense, a colleague in the House of Representatives has proposed an unprecedented idea: Exempt him from paying income taxes for the rest of his life.
In a bid to encourage overseas Filipino workers (OFWs) to put up small and medium enterprises in Quezon City, a councilor has pushed a measure that will exempt them from paying business taxes for up to three years.
For the first time in more than 20 years, major stakeholders in the country’s agriculture sector formed a united front denouncing rampant smuggling and what they called as “unlawful entry” of a Thai food company that had been granted tax exemptions and other perks.
AN inmate of the Cebu Provincial Detention and Rehabilitation Center (CPDRC) charged with murder escaped after a court hearing in Bogo City, northern Cebu, before noon yesterday.
Cebu City Hall needs to secure tax exemption for companies that acquired lots in the South Road Properties (SRP) lest they remit their quarterly payments to the Bureau of Internal Revenue.
Top city officials of Manila led by Mayor Alfredo Lim are facing criminal complaints before the Office of the Ombudsman for approving a city ordinance that exempted telecommunications giant Smart Communications from paying certain taxes. The complaint was filed by former Manila Mayor Lito Atienza, who described the ordinance as “highway robbery in broad daylight.” [...]
