QUEZON CITY, Philippines (Eagle News) — The 13th month pay and other bonuses given to employees which would amount to P90,000 would not be taxed, nor will those with a a yearly earning of P250,000, according to the bilateral conference committee on the Tax Reform for Acceleration and Inclusion (Train) bill.
“Napagkasunduan ng bicam na muling taasan ang halaga ng 13th month pay at iba pang bonuses na hindi na kakaltasan pa ng buwis,” Senator Sonny Angara said in a statement.
Angara said the committee agreed to raise the tax-exempt cap for the 13th-month pay and other bonuses to P90,000, and also agreed to exempt the P250,000 annual taxable income of all individual income taxpayers.
“Kung susumahin, aabot na sa P340,000 na kita kada taon ang hindi na pwedeng galawin ng gobyerno. Buong-buo na itong maiuuwi ng ating mga taxpayer sa kanilang mga pamilya,” Angara said.