Wednesday, September 10, 2014
COOP-NATCCO BILL UPS WORKER BENEFITS, OK'D BY CONGRESS
As early as November 21, 2013, COOP-NATCCO Partylist's HB 3409 was filed, co-authored by its Rep. Anthony M. Bravo and Rep. Cresente C. Paez.
Titled "An Act Amending Sec. 32 (B), Chapter VI of the National Internal Revenue Code of the Philippines," it proposes to increase the ceiling of Christmas Bonus and other benefits from taxation.
HB 3409 is among the 12 bills filed on this and which have been consolidated into HB 4970, a proposed measure that would cause the tax exemption ceiling for employee benefits, such as the 13th month pay, and Christmas bonus to P70,000.
The current exemption limit, set in 1997 yet, was P30,000.
HB 4970 was recently approved on second reading by the House of Representatives.
Hope that this will be enacted and signed into law by the time we get our 2014 year-end bonuses. (END).