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jan10.2014_b.docCountdown to ASEAN economic integration nearing D-day

jan10.2014_b.docCountdown to ASEAN economic integration nearing D-day

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Published by pribhor2
Countdown to ASEAN economic integration nearing D-day
Countdown to ASEAN economic integration nearing D-day

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Published by: pribhor2 on Jun 10, 2014
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06/10/2014

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Additional tax exemptions for individual taxpayers sought
Lawmakers are now considering a measure that would ease the financial burden of individual taxpayers through possible additional tax exemptions.HB 2660 authored by !ep. "iosdado #acapagal $rroyo %2
nd
 "istrict &amarines 'ur( and !ep. )loria #acapagal*$rroyo %2
nd
 "istrict +ampanga( seeks to grant additional exemption to individual taxpayers by amending 'ection ,- %B( of the ational /nternal !evenue &ode of 11 as amended by !.$. o. 1-03.45e really hope that the additional exemptions proposed under the bill will be a welcome respite for the unheralded working class who provides the much*needed revenues for the government the $rroyos said.7he salient provisions to ease the financial woes of the working class include the following8 (!emoving the limitation on the number of allowable dependents and including an additional exemption for those who have dependents with disability92(/ncluding legitimated children and parent:s in the definition of dependents9,($llowing a legal guardian to a person with mental and physical disability to claim additional exemption93($llowing an additional exemption of +-0000.00 for each dependent child with disability regardless of age9 and-($llowing an additional exemption of +-0000.00 for each dependent parent with disability.;nder HB 2660'ection ,-%B( shall now read8 4$dditional <xemption for "ependents. = 7here shall be allowed an individual exemption of 7wenty >ive 7housand +esos %+2-000.00( for each dependent without disability and >ifty 7housand +esos %+-0000.00( for each dependent with disability.However as has been before the additional exemption for dependents referred to  by the measure shall be claimed by only one of the spouses in case of married individuals.$lso in case of legally separated spouses additional exemption may be claimed only by the spouse who has custody of the child or children.
NR # 3342BJAN. 10, 2014

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