Mar 182015
IT’S NO SECRET that the Bureau of Internal Revenue (BIR) was strongly opposed to our legislators’ bill to increase the tax exemption ceiling on employee bonuses to P82,000 from the previous P30,000. With the law now in place and the BIR having issued the implementing regulations just this week, most people expect the BIR to find ways to make up for the lost revenue, even as it lowered its income projection for 2015.