Back in 2008 (7 years ago!), I called for a major revamp of the ‘then’ decade old and obsolete tax law, specifically for the part pertaining to individual income taxes. Since then, minor revisions were made, like the exemption of minimum wage earners and adjusting the 13th month pay and other benefits ceiling excluded from the computation of gross income.
[Read: Rappler—Aquino signs law raising tax exemption cap for bonuses.]
National Internal Revenue Code of 1997 book July 2009 Edition by Danilo A. Duncano. This book may need revisions, but not as much as that of the law itself.
Yet, the gist of individual income taxation remains, that is — the (almost) two decades old graduated tax table that defies inflation. Continue reading