Workers to feel tax exemptions by mid-2015

MANILA - House Ways and Means Committee chair Rep. Miro Quimbo on Monday said taxpayers will feel the benefit of the just-approved higher tax exemptions for their 13th month and other bonuses by the middle of next year.

Quimbo said the House decided to adopt the Senate version of the measure to forego any further debates.

He said one reason it wasn't implemented this year was because many employees have already received their bonuses and ordering a refund may be too complicated.

Quimbo estimated that some 1.4 million Filipinos will benefit from the measure.

He sees no reason for President Aquino to veto it.

Only Aquino's signature is needed before salaried workers can benefit from a bill increasing the tax exemptions of 13th month pay and other bonuses from the current P30,000 to P82,000.