This is a collection of relevant exemptions from different laws other than the 1987 Constitution and the NIRC.
The following are exempt from income tax:
1. GSIS and SSS contributions
2. Benefits from the US government for World War II veterans under the US Veterans Administration
2. Income from bonds and securities for sale on the international market (woohoo!)
3. Pioneer and registered enterprises under the Investment Incentives Act (RA 5186)
4. Limited time exemption for new and necessary industries (RA 901)
5. Prizes from the Philippine Charity Sweepstakes Office
6. The BMBE Law of 2002
7. The annual income of senior citizens provided it doesn't exceed Php 60,000.00
The following donations are exempt from donor's tax:
1. To the government for scientific, technical and engineering research, inventions and development
2. To social welfare, charitable and cultural institutions
3. To the International Rice Research Institute
4. To the Ramon Magsaysay Awards Foundation
5. To the National Museum, National Library, National Historical Institute and the Museum of Philippine Costumes
6. To the Southern Philippines Development Administration
7. To the Intramuros Administration
8. Donation of lands to the government or recognized organization such as the Red Cross, Philippine Heart Foundation, Boy Scouts of the Philippines, Girl Scouts of the Philippines, etc (PD 762.)
These are a few of the tax exemptions mentioned. There are others that we will take up in later posts.
Philippine Laws -Simplified | Free Legal Advice
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I'm Giancarlo Enrico S. Pozon, a Wushu instructor, investor and Barrister... That's right, Barrister; I graduated from law school and took the Bar Exams, now I'm waiting for the results. I created this blog to make Philippine Law easy to understand for the average person. It's all about free legal advice. There are many law blogs. But the problem is that many of them are written for lawyers and law students. They use words that can't be understood by ordinary people.
Many lawyers, judges and law students consider themselves as superior to most human beings because of their knowledge of the law. It bothers me since the law is supposed to serve society. Since the law is meant to serve society as a whole, it is important that is must be understood by everybody.
This does not mean that we should all become lawyers. It means that although law is a highly specialized profession, the first duty of everybody in this profession is to make the law understandable to all; that's why all these articles are free legal advice.
Like I said, this blog is about law -but it's for the ordinary people, not the lawyers. It's for the ordinary folk so they will know what is good and bad for them, and that making them aware of the law will help us all improve society as a whole. This is free legal advice for everybody!
I'm Giancarlo Enrico S. Pozon, a Wushu instructor, investor and Barrister... That's right, Barrister; I graduated from law school and took the Bar Exams, now I'm waiting for the results. I created this blog to make Philippine Law easy to understand for the average person. It's all about free legal advice. There are many law blogs. But the problem is that many of them are written for lawyers and law students. They use words that can't be understood by ordinary people.
Many lawyers, judges and law students consider themselves as superior to most human beings because of their knowledge of the law. It bothers me since the law is supposed to serve society. Since the law is meant to serve society as a whole, it is important that is must be understood by everybody.
This does not mean that we should all become lawyers. It means that although law is a highly specialized profession, the first duty of everybody in this profession is to make the law understandable to all; that's why all these articles are free legal advice.
Like I said, this blog is about law -but it's for the ordinary people, not the lawyers. It's for the ordinary folk so they will know what is good and bad for them, and that making them aware of the law will help us all improve society as a whole. This is free legal advice for everybody!
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