The House Committee on Ways and Means in the Philippines has approved a tax relief bill that will extend further support to those struggling amid the current financial downturn.
Under House Bill 5314, individuals will be exempted from paying the Documentary Stamp Tax levy for all loans up to PHP10,000 (USD200).
According to the committee, HB 5314 is entitled: “An Act exempting pledge of personal property covering a loan of money not exceeding ten thousand pesos from documentary stamp tax, amending for the purpose Section 199 of the National Internal Revenue Code of 1997, as amended.”
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