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PRESS RELEASE: House author urges immediate issuance of rules for law exempting bonuses from tax

13 February 2015 No Comment

PRESS RELEASE

13 February 2015

Reference: ACT Teachers Rep. Antonio L. Tinio (09209220817)

House author urges immediate issuance of rules for law exempting bonuses from tax

The principal author of the bill exempting bonuses from tax has lauded its signing into law by President Aquino and called for its immediate implementation.

ACT Teachers Rep. Antonio Tinio, principal author of Republic Act 10653 in the House of Representatives, urged the Aquino administration, through its finance and tax chiefs, to immediately issue implementing rules for the new law, which increases the ceiling on tax-exempt bonuses from P30,000 to P82,000.

Tinio said that its benefits need to be felt by the people, especially low- and middle-income earners, as soon as possible.  He explained that the law will  “enable lower- and middle-income earners to take home to their families more of their hard-earned money.”

“We hope that the Department of Finance will not drag its feet in issuing the implementing rules,” said Tinio, noting that the DOF and Bureau of Internal Revenue had vehemently opposed the measure.

“The DOF and BIR should no longer complain about revenue loss.  There will be no revenue loss in the long run because we’ll only be giving the people more of the income that they rightfully earn, and in turn, they will have more to spend for their families.  Greater spending power for the majority of the people will be good for the economy as a whole.” #

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