Governance, Nation, News

P-Noy approves additional P10,000 tax exemption

Cbanga360.Net - The Bicol Street Journal

Published         29 Dec , 2014      11:56 am          509 views.

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MANILA, Dec. 29 — Malacanang on Sunday announced that President Benigno S. Aquino III approved an additional P10,000 tax exemption for each worker-taxpayer.

Presidential spokesperson Herminio Coloma, Jr., on Sunday in a radio interview said President Benigno S. Aquino III approved an additional P10,000 tax exemption for each worker-taxpayer.

Coloma said the government has expanded the list of de minimis benefits to be exempted from income tax on compensation.

This now include benefits under collective bargaining agreements and productivity incentive schemes.

Each worker-taxpayer can claim as much as P104,225 from the current level of P94,225.

The BIR revenue regulation on de minimis benefits was last amended in 2012.

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