The House Special Committee on Senior Citizens on Tuesday, Sept. 21, approved in principle a bill that would grant senior citizens an exemption from income taxes.
But during the committee’s hearing, the Bureau of Internal Revenue said it cannot support the bill for failing to identify new sources of funds to offset revenue losses resulting from the tax exemption. The BIR officer suggested that the threshold be set at minimum wage, so that indigent senior citizens will benefit from the bill.
The Philippine Institute for Development Studies also said that granting tax exemption to all senior citizens might violate the principle of “neutrality” in taxation. The research body also noted that existing laws already provide tax exemptions to low-income earners, including low-income senior citizens.
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