Philippines increases tax exemption cap on workers' bonuses
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."
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