Tuesday, October 2, 2007
Bill - Vanessa Karen Fajardo
REPUBLIC OF THE PHILIPPINES
YOUTH CONGRESS
Baguio City
INTRODUCED BY SEN. VANESSA KAREN FAJARDO
EXPLANATORY NOTE
It a matter of public knowledge that most of the fresh graduates and working students are in depth of poverty for they are having a hard time finding a suitable and decent job and catching up to all of the expenses they spent back in tertiary level to support their financial needs. In addition, as a starter or beginner in their job, also starting to become independent and to have a new life, it is difficult for them to deal with a lot of expenses especially the heavy taxation.
Most of the fresh graduates from tertiary level/ working students are the only hope of their parents for their family have a decent way of living and escalate their status in life.
For these reason, it is necessary for the government to grant more incentives and/or benefits to our fresh graduates and working students. Giving them such privilege will be a big help from the government because the later should give a priority to these young people for they are the next leader of the country. This bill proposes to exempt them from the payment of income taxes from their first day up to first year of employment. In this way, our fresh graduates and working students are more capable dealing with their financial needs and suffice their income to their expenses.
VANESSA KAREN FAJARDO
REPUBLIC OF THE PHILIPPINES
YOUTH CONGRESS
Baguio City
INTRODUCED BY SEN. VANESSA KAREN FAJARDO
AN ACT
EXEPTING ALL FRESH GRADUATES AND WORKING STUDENTS FROM THE PAYMENT OF INCOME TAXES FROM THEIR FIRST DAY UP TO FIRST YEAR OF EMPLOYMENT, AND TO DEFINE THE CONDITION THEREOF AND FOR OTHER PURPOSES
Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:
SECTION 1. Declaration of Policy. – It is hereby declared to be the national policy to encourage and to help fresh graduates and working students dealing with their financial needs as one way of realizing the objectives of the government in ending poverty in the country.
SEC. 2. Exemption from Income Taxes for a certain time. – Any provision of law, decree, executive order, and rules and regulations to the contrary notwithstanding, all fresh graduates from tertiary level and working students shall be exempted from the payment of income taxes imposable from the first day up to first year of their employment. The Human Resources and Payroll Department of every company and with the help of the Bureau of Internal Revenue will determine employment status of these fresh graduates and working students if they are eligible for the said privilege.
SEC. 3 Effectivity. – This Act shall take effect fifteen (15) days after its publication in two (2) newspapers of general circulation.
Approved,Labels: ways and means
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