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Tuesday, August 10, 2021

GORDON BACKS URGENT PASSAGE OF BILL GRANTING PREFERENTIAL TAX RATES ON PRIVATE SCHOOLS

Senator Richard J. Gordon, co-author of Senate Bill No. 2272 or An Act Amending Section 27 (B) of the National Internal Revenue Code, pushed for the immediate passage of the measure to guarantee stability of the country’s education and to help private learning institutions survive during the pandemic.

Sen. Gordon

“We support the urgent enactment of the bill as we realize the fundamental role of education as an element of social and economic development. We must ensure that the education sector is stable especially now that we currently face a health crisis to avert long-term disruptions of the education system,” he said.

Gordon stressed that the 25% tax rate imposed on Proprietary Educational Institutions will make many private schools at risk of closure as they are struggling with their financial condition since last year because of COVID-19.

“We want to help them recover from their financial downturn that’s why under the CREATE Law, we reduced the 10% special tax rate imposed on proprietary educational institutions to 1% until June 30, 2023,” Gordon said.

“The current health crisis and the slow economic recovery are exacerbating the Philippine education system. We are endorsing the immediate passage of SBN 2272 as we support the development of our children by making sure that schools operate and recover from their economic losses and we believe that education is the most important tool for accelerating human resources,” he added.

On August 9, the Coordinating Council of Private Educational Associations (COCOPEA), an umbrella organization of 2,500 educational and learning institutions in the country, called for a timely intervention of the Senate and expressed hope that it will soon pass SB 2272 granting preferential tax rates to educational institutions amid the pandemic.