THE Coordinating Council for Private Educational Associations (Cocopea) appealed to President Rodrigo Duterte to intervene in the implementation of the new regulation of the Bureau of Internal Revenue (BIR) increasing the tax rate of private educational institutions. Estrada added with the new rule, private schools will have to pay the 25 percent regular corporate tax rate mandated by the Create Law, instead of the one percent tax rate for proprietary educational institutions. He said this is 150 percent more than the preferential tax rate of 10 percent the schools have been paying since 1968. In a statement, she pointed out many private schools had to stop operation because of the pandemic. We passed the Create Law to help businesses survive the effects of the pandemic through tax incentives," Binay said.

Source: Manila Times June 06, 2021 16:07 UTC