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Senior Citizen Income Tax Benefits

This document discusses benefits and policies for senior citizens in the Philippines. It defines a senior citizen as someone who is 60 years or older and is a Filipino citizen. Key benefits include exemption from income tax if earnings are below 250,000 pesos per year, 20% discounts on certain purchases, and exemption from value added tax. The government also provides assistance through the Office of Senior Citizen Affairs. However, senior citizens can still be liable for taxes such as final withholding taxes on bank interest income.

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586 views7 pages

Senior Citizen Income Tax Benefits

This document discusses benefits and policies for senior citizens in the Philippines. It defines a senior citizen as someone who is 60 years or older and is a Filipino citizen. Key benefits include exemption from income tax if earnings are below 250,000 pesos per year, 20% discounts on certain purchases, and exemption from value added tax. The government also provides assistance through the Office of Senior Citizen Affairs. However, senior citizens can still be liable for taxes such as final withholding taxes on bank interest income.

Uploaded by

kim che
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Senior Citizen

Law
Objectives

Define a senior citizen

Identify the Income tax of senior citizen.

Benefits of senior citizens.

Availment of Privileges

Government Assistance.

The Office of Senior Citizen Affairs (OSCA)


Declaration of Principles and State Policies
Declaration
in Article II, Sections 10 and 11

of Policies
Article XIII, Section 11 of the Constitution
and provides that the State shall adopt an
integrated and comprehensive approach
Objectives to health development.

Article XV. Section 4of the Constitution


Senior Citizen

1
refers to any Filipino who is a citizen
and a resident of the Philippines.

refers to any Filipino who is at least


2
60 years old and above.

It may also apply to senior


3
citizens with “dual citizenship”
status.
Income Tax
If the returnable income of a Senior
Citizen is in the nature of compensation
for Senior income but qualifies as a minimum wage
earner, he shall be exempt from the
Citizen income tax on the said compensation.

Entitlement of 20% discount on certain


purchases of goods and/or services as
provided by the law.
Generally exempt from value added tax
(VAT)

If the aggregate amount of gross


income earned by a Senior Citizen
during the taxable year does not
exceed P250,000, he shall be exempt
from income tax and shall not
require to file income tax return.
Hence, senior citizen can also
20% final withholding tax on interest
1
income from any currency bank
be liable for other taxes deposit.
such as:
The 15% final withholding tax on interest
2
income from a depository bank under the
expanded foreign currency deposit
system (Sec.24(B)(1), Tax Code.

Pre-termination of long term debt or


3
investment under Section 24 (B)(1) of the
tax code.

4 years to less than 5 years 5%


3 years to less than 4 years 12%
Less than 3 years 20%

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