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
At long last, the BIR has issued the final IRR (Implementing Rules and Regulations) of Republic Act No. 9504, an Act Amending Sections 22, 24, 34,35, 51 and 79 of Republic Act no. 8424. It’a available for download from the BIR website. Thanks to Nora for the heads up.
For sure, a lot of people who have long been waiting for this release will deluge in the website and may bring their server down. I already downloaded a copy (including annexes) and compiled them myself.
It’ll be available for download here.