Republic Act No. 10653 enacted on 28 July 2014 increased to Php82,000.00 (from Php30,000.00) the tax exemption allowance for other benefits given to employees such as 13^{th<\/sup> Month Pay, Christmas bonus and productivity incentives. Benefits falling within this ceiling shall not be considered in computing gross income and shall not be subject to income tax.<\/p>\n}

In addition, the law mandates the President to adjust this threshold every three years to its present value using the consumer price index as published by the National Statistics Office.<\/p>\n

The law is set to take effect 15 days after its publication in at least two newspapers of general circulation. It was published last 14 February 2015.<\/p>\n","protected":false},"excerpt":{"rendered":"

Republic Act No. 10653 enacted on 28 July 2014 increased to Php82,000.00 (from Php30,000.00) the tax exemption allowance for other benefits given to employees such as 13th Month Pay, Christmas bonus and productivity incentives. Benefits falling within this ceiling shall not be considered in computing gross income and shall not be subject to income tax…. Read more »<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":72,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","meta":{"footnotes":""},"class_list":["post-322","page","type-page","status-publish","hentry"],"yoast_head":"\n