NEW LAW GRANTS SCHOOLS TAX REPRIEVE
SENATOR Pia Cayetano welcomed the signing of a law that gives preferential tax treatment to private schools.
She said that Republic Act 11635 will provide reprieve to private institutions amid the uncertainties brought by the pandemic.
The law amends Section 27B of the National Internal Revenue Code.
It allows schools to be covered by a provision under the Corporate Recovery and Tax Incentives for Enterprises Act, which reduced the tax rate of such institutions from 10 percent to 1 percent until June 30, 2023.
“Private schools are the government’s partners in education. In this time of pandemic, they need as much assistance as they can get to continue delivering quality education to Filipino learners,” Cayetano said.
“The enactment of Republic Act 11635 comes as a welcome development for them amid the uncertainties of the times, as rising Covid-19 cases forced us to restrict face-to-face classes to start the New Year,” she added.
Cayetano, the chairperson of the Senate ways and means committee, sponsored the measure.
“With this measure, private schools would be given much-needed reprieve to cope with the continuing challenges caused by the pandemic, starting with their own financial viability and sustainability,” she said.