THE SENATE ways and means committee has recommended the plenary approval of a bill seeking to provide tax incentives for additional dependents, the elderly and persons with disabilities.
Committee Report 43 submitted on May 31 recommends the approval of Senate Bill 2855 or the proposed Additional Relief to Families Act.
The proposed measure aims to provide a P25,000 tax incentive for each dependent of the taxpayer.
The bill seeks to remove the limit set by Section 35 (B) of The National Internal Revenue Code of 1997, which allows tax incentives for only up to four dependents.
The bill defines a “dependent” as “one or more legitimate, legitimated, illegitimate, or legally adopted child not more than 21 years of age living with the taxpayer, not gainfully employed and dependent upon the latter for chief support…”
The bill also proposes to include an additional tax incentive for parents not gainfully employed, and dependent to the taxpayer.
A taxpayer who acts a legal guardian to a person, regardless of age, with a mental or physical handicap will also receive a P25,000 tax incentive, under the proposed measure.
The bill, sponsored by Senator Ralph G. Recto, chairman of the ways and means committee, did not amend the tax exemption cap at P50,000 per taxpayer.
Asked for comment, Undersecretary Gil S. Beltran of Domestic Finance Group and Management at the Department of Finance said: “We haven’t studied the bill yet.”
Congressman Hermilando J. Mandanas, chairperson of the ways and means committee at the House of Representatives explained that he has to check if there is a parallel bill that has been filed at the House committee.
“The Senate bill, since it covers taxation, can not be take up without the lower house filing a parallel bill,” he said in an interview.
Last year, The Senate and the House of Representatives approved Republic Act 9994 or The Expanded Senior Citizens Act of 2010 which exempted senior citizens from the 12% expanded value-added tax, enabling the elderly to fully enjoy their 20% discount on medicines, and basic commodities, among others. — Rouchelle R. Dinglasan, Businessworld
World Day for Safety and Health at Work
“Safety and health at work every day!”
Invoke Article 33 of the ILO constitution
against the military junta in Myanmar to carry out the 2021 ILO Commission of Inquiry recommendations against serious violations of Forced Labour and Freedom of Association protocols.
Accept National Unity Government
(NUG) of Myanmar.
Reject Military!
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