Revenue Regulation 10-2008

THE LONG WAIT IS OVER. The Bureau of Internal Revenue finally released the implementing guidelines of Republic Act No. 9504, “An Act Amending Sections 22, 24, 34, 35, 51 and 79 of Republic Act No. 8424 otherwise known as the National Internal Revenue Code, relative to the withholding of Income Tax on Compensation and Other Concerns.

Right after the passage of R.A. 9504, the office had been receiving calls from various taxpayers who would like to avail of the privileges provided under the said law. Unfortunately, it is not self-implementing and therefore, although approved by Congress, it could not take effect without the implementing rules and regulation(IRR).

Massive roll-outs are expected in the coming weeks as this is a matter that should not be taken too lightly. The Income Tax is considered as one of the core sources of revenue, the bulk of which coming from compensation income or earnings of employees both in the public and private sectors. The Revenue Region No. 15, Zamboanga City, will spearhead the effort of informing the personnel of the various district offices regarding this matter in a seminar to be conducted on October 16, 2008.

Click the link below for the full text of the said revenue regulation in pdf format:

ftp://ftp.bir.gov.ph/webadmin1/pdf/42126rr%20no.%2010-2008.pdf