- Exempts minimum wage earners in the private sector and their counterparts(casual employees) in the public sector from paying income tax.[Republic Act No. 9504]
- Personal exemptions up.
| Status | OLD Tax Law | NEW Tax Law |
| Single | P20,000 | P50,000 |
| Head of The Family | P25,000 | P50,000 |
| Married | P32,000 | P50,000 |
| Additional Deduction for Every Qualified Dependents | P8,000 | P25,000 |
| | | |
For instance, a family of one working spouse with 3 qualified dependents will have a total
of P125,000.00 in personal exemptions. (from the OLD P 56,000.00)
of P125,000.00 in personal exemptions. (from the OLD P 56,000.00)
- The law classify a DEPENDENT as a “legitimate, illegitimate or legally adopted child” living with the taxpayer and not more than 21 years old, unmarried and not employed.
New Tax Table For January 2009
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ReplyDeleteIts great table of taxation for the month of January.As a Tax Lawyer in Alabama,I appreciate the efforts.
ReplyDeleteIs allowances taxable also?
ReplyDeleteThanks for sharing the link....
ReplyDeleteTaxation is a universal form of government financing, and with the evolution of income tax codes has come the development of tax relief initiatives. A tax relief program is a system of exemptions and deductions that is applied against income resulting in a decrease in tax liability.
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