6.19.2008

BIR UPDATE

Republic Act 9504 or the act amending several sections of RA 8424 has already been signed into law!

This is good news!

The new personal deduction for every individual is raised to P50,000.00. There is no more distinction between single, married, and head of the family. Each is entitled to the P50,000.00 personal deduction.

Moreover, additional deduction for each dependent not to exceed four children is at P25,000.00 per child.

Also, minimum income earners are exempted from paying income tax. But of course, there are still requirements so that these minimum income earners will be exempt from tax.

These new tax measures are of great help especially to those minimum wage earners. At least, their take home pay won't be deducted with withholding taxes anymore... Thanks to our legislators!

2 comments:

deuts said...

I see no point in thanking the legislators. It's their job in the first place. And I'm quite convinced it was not enough. The progressive tax table has been in effect for a decade already, and definitely needs revision, considering the inflation since 10 years ago. Please see my post here and here.

ivan said...

wow. buti na lang umabot sa amin ang revised tax laws. 3rd na po pala ako, tulad niyo, accounting stud. graduate na pala kayo, hehehe. ate, tips naman po para sa cpa board exams. cpa na kayo di ba? hehe.. nakita ko kasi sa blog niyo na auditor kayo. napadalaw ako kasi kelangan ko ng lectures para sa commodatum at mutuum. salamat po pala dun.