MANILA — Malacanang announced on Sunday that workers will receive additional Php10,000 tax exemption from their benefits beginning next month.
Presidential Communications Operations Office (PCOO) Secretary Herminio Coloma Jr. said Labor Secretary Rosalinda Baldoz and Finance Secretary Cesar Purisima announced the good news for millions of workers all over the country.
”This is the result of the approval by President Benigno Aquino III to new guidelines with regards to additional tax exemptions for the benefits to be given to the workers under the collective bargaining agreement (CBA) and productivity incentive schemes,” he said.
Coloma said the additional tax exemption was also the result of continuous dialogue by the President with the labor organizations.
”The new guidelines will be implemented in January 2015 through a revenue regulation to be issued by the Bureau of Internal Revenue (BIR),” the PCOO chief said.
Purisima described the additional tax exemption for the so-called “de minimis” benefits as rational because millions of workers will benefit from it.
”These workers are among those who receive lowest salaries,” Coloma said.
The total benefits which will be covered are expected to reach Php104,225 from the present Php94,225.
On the other hand, almost Php17 billion will be deducted from the revenue collection of the BIR due to this additional tax exemption.