Tax Relief

Faculty tax relief regulation wants corrective motion – Villafuerte

Camarines Sur Rep. Luis Ray Villafuerte expressed confidence that the Senate and Congress would work overtime to pass a revision law setting tax rates for company-owned schools and allowing them to amid a preferential tax rate of 1 percent through June 30, 2023 enjoy the COVID-19 pandemic. The measure will not be passed in time as most private schools will open classes this month, he said. He urged his colleagues to pass the law in September. The corrective laws would be a “great relief” for schools and would “hopefully” allow them to keep their teachers and hire more teachers for the 2021-2022 school year, he noted. Villafuerte is a lead author of House Law No. 9913, which consolidated its HB 9672 with similar other laws to lower the preferential tax rate for in-house educational institutions from July 1, 2020 to June 30, 2023, setting it to 10 percent. Rio Araja

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