At least something to look forward to — paying less taxes to our government!! I am not anti-tax…I am just anti “paying hard earned money to those who don’t deserve it”. Hehe. Got this
bit of good news from a friend (too lazy to read the papers myself so I asked her to forward an email to me). *boink* Important part in red. I did not paste the entire article…just the important bits. ^_^
that would exempt minimum wage earners from paying income tax and increasing personal exemptions for other employees.
Arroyo signed in Malacañang Tuesday Republic Act 9504 or an act amending Sections 22, 24, 34, 35, 51, and 79 of RA 8424 or the National Internal Revenue Code of 1997.
The law aims “to provide financial relief to taxpayers in cognizance by the government of the hard times brought by multiple factors, including the current rice crisis, oil price hikes and the heightening inflationary pressure on commodities of all kinds and to help reduce the wide tax
gap in the taxation of self-employed and professionals,” according to the five-page document released to media.
Senator Manuel Roxas, principal author of the measure, said the new law would “provide relief
to our workers by increasing their take home pay.”
He added that the law would allow minimum wage earners to take home as much as P750 a month or from P33 to P35 a day.
“A worker in Metro Manila earning P7,900 a month will now have an additional P750 of take-home pay per month, or P34 per day. He can now spend this additional money for his needs or for his family’s needs, such as food, medicine, and the tuition fee of his children, among other uses,” Roxas said.
But apart from tax exemption for minimum wage earners, the law will also provide for an increase in the personal exemption of all taxpayers.
The additional exemption for dependents will increase from P8,000 to P25,000, he said.
The senator added that all holiday, night differential, hazard, and overtime pay would also be tax-exempt.
From the Philippine Daily Inquirer
Arroyo signs law on tax exemption for minimum wage earners
