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HB5661 ceiling on tax exemption

25 January 2012 No Comment

HB5661 ceiling on tax exemption (see full text)

AN ACT INCREASING THE CEILING FOR THE TOTAL EXCLUSION FROM GROSS INCOME OF 13TH MONTH PAY AND OTHER BENEFITS TO SIXTY THOUSAND PESOS, AMENDING FOR THE PURPOSE SECTION 32 (B)(7)(E) OF THE NATIONAL INTERNAL REVENUE CODE