PNoy signs law exempting P82,000 of employees’ bonuses from tax

[CAPTAIN NAUTILUS]

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PNoy signs law exempting P82,000 of employees’ bonuses from tax

by Genalyn Kabiling
February 13, 2015

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A law increasing the tax exemption cap for the bonuses of state and private workers has been signed by President Aquino despite its reported adverse impact on the government’s revenue collection.
“According to the Office of the Executive Secretary, the President has signed into law the bill raising the ceiling on tax exemptions on bonuses to P82,000,” Presidential Communications Operations Secretary Herminio Coloma Jr. said in a statement.
Coloma said the signed law, which would effectively raise the take-home pay of workers, would be transmitted to Congress shortly.
The latest pro-worker development from the Palace came amid the flurry of criticisms thrown at the President for the Maguindanao carnage
Prior to the enactment of the law, the tax exemption cap for bonuses of workers in the public and private sectors was set at P30,000.
Congress had earlier moved hastily to pass the bill, excluding the bonuses amounting to P75,000 from being taxed by the government, before it went on a holiday break last December. The measure, which covers the 13th month pay and other benefits received by employees every year, was submitted to the President for his signature last January 14.
The Department of Finance (DOF) opposed the measure due to the anticipated revenue loss of P26 billion to P30 billion. Instead, finance officials reportedly advised the President to veto the measure and instead issue an administrative order fixing the tax exemption cap for bonuses to P55,000.
Malacañang had stated that the President will consider the national interest in reviewing the bill approved by Congress.
Except for his appearance in welcoming Indonesian President Joko Widodo last Monday, Aquino has stayed in the Palace for private meetings with some Cabinet members, apparently avoiding the backlash over the Mamasapano tragedy.

[lstorya]

Hahahahahah, saw this on the news last night! Hastang mug-uta og palaga ni Kim Henares!

[Echelnalf]

Sayanga, ma taxan gihapon ko

[yhokz101]

Good move ni.. maayu na kau.

pero unta next ani kay minusan na ang "Withholding Tax" ug "Value Added Tax/ Sales Tax".

[rickflag]

Klaro kaau face saving move ni Abnoy. Anyway maka benefit ra japon kadaghanan nato ani.

[Sarevok]

PR advisers making their move

[psyche54]

Yeyyy.. Awww... Nag-enjoy naman diay ko sa katong daan pa lang nga ceiling.. Ahehehehehehehehe..

[diablo85]

thank you for sharing...

[-Hanie-]

di gihapon kaabot akong basic hahahahaha

[kit_cebu]

bayot boang! baho na kaayo kang tae...bisan pag i-larga nimo ang FOI, wa naka...tae na kaayo ka...murag hasta ang mga way facebook ug unsa pang social media, alam na imong kaboang...lugwa tanan sa mamasapano...