Tax Exemptions 2

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.