Bill Type
Congress Name
Long Title
AN ACT EXEMPTING FROM INTERNAL REVENUE TAXATION THE SEPARATION PAY, RETIREMENT PAY AND ALL MONETARY BENEFITS, HOWEVER DESIGNATED, OF EMPLOYEES WHO ARE SEPARATED FROM WORK FOR ANY CAUSE
Date filed
July 10, 2001
Scope
Urgent Bill
No
Legislative History
| House Bill/Resolution NO. House Bill No. 915, 12th Congress of the Republic | |
| FULL TITLE : AN ACT EXEMPTING FROM INTERNAL REVENUE TAXATION THE SEPARATION PAY, RETIREMENT PAY AND ALL MONETARY BENEFITS, HOWEVER DESIGNATED, OF EMPLOYEES WHO ARE SEPARATED FROM WORK FOR ANY CAUSE | |
| ABSTRACT : Rationale: Monetary benefits received by employees in the course of their separation from work for causes such as termination are treated as income of these employees. As such, they are assessed the corresponding tax rate. | |
| PRINCIPAL AUTHOR/S : BARINAGA, ROSELLER L. | |
| DATE FILED : 2001-07-10 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS : | |
| 1. Jaraula | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Cruz-ducut (007 ) | 2. Lanot (009 ) |
| 3. Espina (016 ) | 4. Violago (036 ) |
| 5. Syjuco (041 ) | |
| ADMINISTRATION BILL? No | |
| URGENT BILL? No | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2001-07-25 |
Abstract
Rationale: Monetary benefits received by employees in the course of their separation from work for causes such as termination are treated as income of these employees. As such, they are assessed the corresponding tax rate.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.