That Day When We Ran Out Of Coffee..(in the office)

….has revived the “blogger” in me.

STATUS ON TAX EXEMPTION

The Bureau of Internal Revenue recently issued a draft proposal on the implementing rules and regulation on the revised tax exemption. The thirty-three pages draft regulation highlighted among others the personal exemption that was fixed to fifty thousand pesos (P 50, 000), regardless of the status of the taxpayer, as well as the increased in additional exemption from the previous eight thousand pesos (P 8,000) per dependent child, whether legitimate or illegitimate, to twenty five thousand pesos (P 25,000). Moreover, superseding RR No. 1-2006 on exemption from withholding tax on minimum income earners, a specific provision in the said draft indicates that the sixty thousand peso threshold for purposes of determining whether one qualifies as a minimum wage earner was increased to P 120,000 sans the change in the requirement for the filing of annual income tax return (ITR) of these qualified taxpayers. Pending its approval, the BIR can not yet fully implement the foregoing amendments but we can rest assured that this will take effect anytime soon.
As the saying goes, “Patience is a virtue.”