Dominguez supports tax amendments

Finance Secretary Carlos Dominguez supports the amendment of a section of the Tax Code pertaining to tax treatment of proprietary educational institutions.

This after an association of private schools asked President Duterte to reverse a regulation issued by the Bureau of Internal Revenue raising the tax imposed on private schools to 25% from the current 10%.

Senator Sonny Angara then filed Senate Bill 2272 to clarify the language of the section of the Tax Code to address the confusion caused by the BIR’s Revenue Regulation 5-2021.

The Coordinating Council for Private Educational Associations is protesting the specification in the regulation that educational institutions must be “non-profit” to be eligible for the temporary reduction of the concessionary income tax rate of proprietary educational institutions from 10 percent to one percent for the next three years under the Corporate Recovery and Tax Incentives for Enterprises Act.

Source: https://www.philstar.com/business/2021/06/07/2103546/dominguez-supports-tax-amendments

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