The House Committee on Ways and Means approved on Monday (August 23) the tax provision of a measure that will institutionalize bicycles as an alternative mode of transportation.
No member of the committee objected to the passage of the unnumbered substitute bill.
Under the measure, bicycles granted by employers to its managerial and supervisory employees shall not be taxable as fringe benefits.
The expenses incurred by employers in providing their employees related equipment and bike-friendly facilities shall be deductible in full from their gross income.
Foreign and local enterprises engaged or proposing to engage in the manufacturing or assembly of bicycles may avail of the tax incentives provided under the National Internal Revenue Code.
The Department of Transportation (DOTr) in coordination with the Department of Environment and Natural Resources (DENR) and Department of Finance (DOF), shall explore the possibility of accessing a range of global environment funds to assist in the funding of sustainable public transport systems and less polluting energy supplies.
The post Environment-friendly transport mode: House panel OKs tax provisions of bill promoting bike use first appeared on .Source: Latest Politics News Today (Politics.com.ph)
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