Law providing 1% preferential tax relief to private schools inked
MANILA - President Rodrigo Duterte has signed a law reducing the preferential tax rate of 10 percent to 1 percent imposed on proprietary educational institutions. Duterte signed Republic Act (RA) 11635 on Dec. 10, 2021, amending Section 27 (B) of the National Internal Revenue Code of 1997. "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, released ...
Source: philippinetimes.com