MANILA — President Benigno S. Aquino III has signed into law the bill raising the ceiling on tax exemptions on bonuses, a Palace official announced on Thursday.
“According to the Office of the Executive Secretary, the President has signed into law the bill raising the ceiling on tax exemptions on bonuses to P82,000. The signed law will be transmitted to Congress shortly,” Communications Secretary Herminio Coloma Jr. said.
The new law increases the tax exemption cap from P30,000 to P82,000. This covers all bonuses, including the 13th-month pay and Christmas bonus.