19 December 2013
Reference: ACT Teachers Rep. Antonio L. Tinio (09209220817)
Militant solon Antonio Tinio welcomed today Senator Sonny Angara’s push for laws for greater tax relief for lower- and middle- income earners, despite opposition from Malacañang as voiced by Bureau of Internal Revenue Commissioner Kim Henares.
Angara chairs the Senate’s Ways and Means Committee.
Said Tinio, “The Senate is making a vital and timely endorsement of the demand of workers and employees to take home more of their incomes.”
“Giving tax breaks to lower- and middle- income earners is one sure way to redistribute wealth and address the glaring income inequality prevailing in society,” added Tinio.
He challenged Angara’s counterpart in the House of Representatives, Marikina 2nd District Rep. Miro Quimbo, to take a similar stand and immediately set for hearings proposals that will raise the tax exemptions and lower income tax rates.
This includes Tinio’s House Bill 247, “An Act Increasing the Allowance for Personal Exemption for Individual Taxpayers, Amending for the Purpose Section 35 (A) and (B) of Republic Act 8424, or the National Internal Revenue Code,” and House Bill 248, “An Act Increasing the Ceiling for the Total Exclusion from Gross Income of 13th Month Pay and Other Benefits to P60,000, Amending for the Purpose Section 32 (B)(7)(e) of the National Internal Revenue Code.”
If enacted, HB 247 will raise the basic personal exemption granted to all taxpayers from P50,000 to P75,000 and the additional exemption from P25,000 per dependent to P40,000. HB 248, on the other hand, will raise from P30,000 to P60,000 the ceiling of exempted bonuses and benefits such as the 13th month pay. ###