Bill to Increase Tax Exemption on Bonuses: Finally Signed!


Just as when our hopes have dwindled on the President’s approval of  the bill to increase tax exemption on bonuses from P30, 000 to P 82,000 when ACT Teachers Party List stated on my previous article Bill to Increase Tax Exemption on Bonuses: Signed, Sealed, Soon to be Delivered that they were misinformed (Update on Bill to Increase Tax Exemption on Bonuses: ACT Misinformed) and news circled that Pres.Noynoy Aquino is  considering to veto this bill, today came the good news like  manna from heaven!

Finally President Noynoy Aquino has signed the bill to increase tax exemption on bonuses, a month after it was submitted to him on January 14 of this year.

Bill to Increase Tax Exemption on Bonuses

Communications Secretary Herminio Coloma Jr. affirmed this today in Malacañang, stating the Office of the Executive Secretary as the source of information.

This significant progress for the bill to increase tax exemption on bonuses is the final stage, which will    lead to the amendment of Republic Act 7833 . As reported before, the bill to increase tax exemption on bonuses was pushed in Congress and Senate for Republic Act 7833 was deemed to be outdated and no longer applicable having set the tax exemption ceiling at P30,000 only. Now to avoid the same gaffes, coincided in the signed bill is the automatic adjustment of the tax exemption ceiling every 3 yrs. based on inflation rate.

The bill to increase tax exemption on bonuses are applicable both to private and public sector.  And first to enjoy its benefits are those who will receive half of their bonuses this coming June or the so called Mid-year bonus.

With the signed bill to increase tax exemption on bonuses, Marikina City Rep. Romero Quimbo- committee chair for House Ways and Means stated that their next assignment is to pass comprehensive tax reform measure.

 

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  1. […] the working class rejoices on approval of bill to increase tax exemption on bonuses, BIR (Bureau of Internal Revenue) on the other side of the fence foresees a big revenue loss […]