Under Republic Act 11635, President Rodrigo Duterte has signed a law lowering the preferential tax rate imposed on proprietary educational institutions from 10% to 1% until June 30, 2023. This law has been signed by Duterte on December 10, 2021 and becomes effective on January 6, 2022.
Rep. Joey Salceda, a representative from Albay who chairs the House Ways and Means Committee, says that "it will make it easier for private schools to retain their teachers. Due to the pandemic, they had to fire instructors already. I believe the entire committee agrees that we should provide them with assistance.
He also says that, "Applying the CREATE until 2023 would allow these schools to save an equivalent of 3.43 percent of compensation expenses, which could help them rehire at least 12,996 teachers at the start of the next school year."
SOURCE:
gov.ph
PHOTO SOURCE:
World economic forum
Published by: Rhina Ruth T. Galano
Date published: January 08, 2022
Time published: 3:17 PM
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