COPYRIGHT

All rights reserved. No part of this website may be reproduced or reprinted the information especially the photographs by any means including computer printing, e-mail, personal website etc. without prior permission of the copyright owner, except by a reviewer who may quote brief passages in a critical article or review.

Jun 18, 2008

THE NEW PHILIPPINE LAW

Finally, PGMA has signed into law a bill that would exempt minimum wage earners from paying income tax and increasing personal exemptions for other employees. I just saw "the signing" last night on T.V. She signed the Repubic Act 9504 or an amending Sections 22, 24, 34, 35, 51, and 79(6 digits lotto sana kaso 51 and 79 ang dalawa) of RA 8424 or the National Internal Revenue Code of 1997.

Senator Manuel Roxas "Mr. Palengke", principal author of the measure and was present during the signing, said the new law would "provide relief to our workers by increasing their take home pay." But apart from tax exemption for minimum wage earners, the law will also provide for an increase in the personal exemption of all taxpayers.


Single
20,000.00(before)
50,000.00(now)

Head of the family
25,000.00(before)
50,000.00(now)

Married
32,000.00(before)
50,000.00(now)


Additional Exemption for Dependent(s)
8,000.00(before)
25,000.00(now)


The senator added that all holiday, night differential, hazard, and overtime pay would also be tax-exempt.

Expectedly, the government will lose around P 14 billion a year with the new law, it hopes to recover this through the optional standard deductions (OSD), which will "simplify the filing of ITR and benefits, in particular, professionals and medium, small, and micro entrepreneurs(yan ang batas!-Judai), according to the law.

The law is said to take effect 15 days after its publication in a national newspaper.


10 comments:

Ariel said...

buti naman at mejo may matitira pa konti sa kaunting sweldo ko...


btw,

Nagpapapogi na talaga ang mga presidential candidates para sa 2010 elections:

--si Mar Roxas with this law and through email...I received a message from him (daw)

--si Loren sa release nina Ces Drilon...ang ganda ng pwesto sa camera...hehehe.. :D

KRIS JASPER VAN DYKE said...

wow!!! Red, daw attorney ka ba. lol.
sideline mo na ay?

ifoundme said...

hahahha! starring pa si judai ha. ilonggo man gali ka. i agree with ariel. papogi points na naman ang mga tatakbo sa 2010. gusto ko ng iignore silang lahat.

Bry said...

this is one good news kuya red!

haaaay....

:(

the donG said...

pogi points nga talaga ito sa mga tatakbo. pansin na talaga ng tao.

redlan said...

Oo nga @ ayel. Andami nila nagpasikatan sa TV. Pati si Semadora Mirriam nakikigiit. Mas wise na kaya ang mga mamamayan ngayon sa pagboto.

redlan said...

Haha. attorney man. di ko na sideline KJ. Related lang sa work ko kag makaapekto gid sa akon nga isa sa mga taxpayers.

redlan said...

Ilonggo gid ko nga tunay @ Ifoundme. kaw man gani gle. mayo gid.

redlan said...

Oo bry.. may extra money na tayo.

redlan said...

Sinabi mo pa @ Dom. Hanggang 2009 pa yan.