Philippines Senate Considers Bill for One-Month Individual Income Tax Holiday on Compensation Income

The Philippine Senate Oct. 7 accepted for consideration Senate Bill No. 1446, to grant a one-time, one-month individual income tax holiday for taxpayers earning compensation income. The bill includes measures to: 1) provide the holiday to individuals on their income classified as compensation income; 2) waive penalties for employers and employees on withholding during the holiday; 3) prohibit private and public employers from reducing, deferring, withholding, or otherwise diminishing employee compensation, allowances, or benefits during the holiday; 4) exclude from the holiday withholding on social security and other mandatory contributions, and loan payments or other payments the employee voluntarily authorized; ...