I hope this pushes through!

On 3rd reading, House approves bill increasing tax exemption ceiling on bonuses
By: Lira Dalangin-Fernandez, InterAksyon.com
September 27, 2014 1:31 AM

MANILA, Philippines -- With 250 votes, the House of Representatives on late Friday approved on third and final reading the bill that would increase the tax exemption ceiling for workers' bonuses from P30,000 to P70,000.

The tax exemption would cover the 13th month pay, Christmas bonus, and other bonuses received by employees every year.

The current ceiling for the tax exemption of P30,000 was set by law in 1994.

The House will await the action of the Senate on a counterpart bill.

Raising the tax exemption ceiling will entail amending Section 32 of the National Internal Revenue Code.

In an earlier hearing, officials from the Bureau of Internal Revenue, Department of Finance, and the National Tax Research Center opposed the proposal.

If Congress approves the bill, they said it should also pass new revenue measures to cover the projected losses, such as amending the law granting fiscal incentives to big corporations.