^

Business

Philippines increases tax exemption cap on workers' bonuses

The Philippine Star

MANILA, Philippines (Xinhua) - Philippine President Benigno S. Aquino III has signed into law today, the proposed higher ceiling for the tax exemption on 13th month pay and other bonuses for both public and private sectors.

The new law will increase the tax cap for the 13th month pay and other bonuses to P82,000 ($1848.8) from P30,000 ($676.4).

Marikina City Representative Romero Quimbo said that teachers, soldiers, ordinary rank-and-file employees all the way to middle level management employees will be able to enjoy bigger bonuses as early as June 2015, when half of the 13th month pay is released.

Quimbo said the measure is "projected to benefit taxpayers from low to middle incomes who have not had any reprieve from the burdensome taxes imposed on their earnings."  


 

13TH

AQUINO

BONUSES

EMPLOYEES

LAW

MARIKINA CITY REPRESENTATIVE ROMERO QUIMBO

MONTH

PAY

PHILIPPINE PRESIDENT BENIGNO S

QUIMBO

XINHUA

  • Latest
  • Trending
Latest
Latest
abtest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

Get Updated:

Signup for the News Round now

FORGOT PASSWORD?
SIGN IN
or sign in with