BIR: No new taxes in 2014, save mining-revenue bill
MANILA - Internal Revenue Commissioner Kim Jacinto-Henares said on Tuesday that with the exception of the new mining-revenue bill being ironed out by the government and lawmakers, there would be no new tax measures in 2014 unless new laws providing tax exemptions or deductions are passed.
Jacinto-Henares made the “commitment” upon the prodding of Senate President Franklin Drilon—at the hearing of the Senate Committee on Finance on the proposed 2014 budget.
“I would like to hear a commitment on the record from our commissioner in the BIR [Bureau of Internal Revenue] that notwithstanding a target of an 18.1-percent growth in tax revenues, there will be no new taxes in 2014,” Drilon said.
The senator said there was nothing on the legislative agenda that referred to new taxes, except for the proposed mining-revenue bill.
“Other than that, we do not foresee anything as long as there is no additional deduction or exemption,” Jacinto-Henares said.
There are several Senate bills seeking tax exemptions for various sectors, among them Senate Bill (SB) 256, filed by Senate President Pro Tempore Ralph Recto, seeking to raise the ceiling on income-tax exemptions of the 13th month pay, Christmas bonus and other benefits.
SB 163, or the Additional Relief to Families Act of 2013, which seeks to provide “additional relief” to families with dependents supporting elderly parents and disabled persons.
SB 940, or the Local Music Industry Incentives Act, filed by Sen. Ramon Revilla Jr. seeks tax exemptions and subsidies for the local music industry, while SB 777, filed by Sen. Jinggoy Estrada, seeks tax incentives for developers and builders of residential housing projects by exempting them from payment of real-estate taxes.
SBl 335, filed by Sen. Loren Legarda, seeks a 20-percent withholding-tax exemption on the interest income of bank deposits of elderly citizens.