An Act Excluding Overtime Pay From the Computation of Taxable Income Amending for the Purpose Section 32 (B) (7) 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, seeks to exclude overtime pay from the computation of taxable income
- This proposal will cost the government foregone revenues. However, more money in taxpayer’s pocket will increase disposable income and boost consumer spending which in turn would trigger demand for more goods and services and thereby stimulate activities in the industrial and service sectors and generate more taxes.
COMMENT : Off