Law providing 1% preferential tax relief to private schools inked | Azer Parrocha / PNA

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The Chief Executive has signed a law reducing the preferential tax rate of 10 percent to 1 percent imposed on proprietary educational institutions.

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THE Chief Executive has signed a law reducing the preferential tax rate of 10 percent to 1 percent imposed on proprietary educational institutions.

“Hospitals which are nonprofit and proprietary educational institutions shall pay a tax of 10 percent on their taxable income, except those covered by Subsection [D] hereof: Provided, that beginning July 1, 2020 until June 30, 2023, the tax rate herein imposed shall be 1 percent,” the law read. Representative Joey Salceda of Albay, chair of the Lower House’s Ways and Means Committee who authored the bill, earlier said the new law is expected to aid private schools in hiring more teachers and keeping existing staff through tax relief.

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