An Act Excluding 13th Month Pay and Other Benefits From the Computation of Taxable Income Amending for the Purpose Section 32 (B) (7) (E) of Republic Act No. 8424 Otherwise Known as the National Internal Revenue Code Of 1997, As Amended
- This bill, expected to benefit an estimated 37.7 M employees from the private and public sector, removes the taxability on their benefits, including those exceeding Thirty thousand pesos (P30,000). Hence, 13th month pay, productivity incentives and Christmas bonus, regardless of amount will now be totally excluded from the computation of taxable income resulting in more financial resources for the workers.
COMMENT : Off