Disclaimer: The article that follow is my personal opinion, intended for discussion purposes only. It should not be construed as official opinion or regulation by any governmental agency that has authority over the matter.
Found this in my inbox:
Can you help me understand what is the maximum amount of de minimis that could be extended to employees? What are other tax deductions can an employee have?
The National Internal Revenue Code of 1997 only mentions of De Minimis Benefits as one of the fringe benefits that are not taxable (Section 33.C). No definition whatsoever. As such, no explicit amount was provided for in the law.
Continue reading De Minimis Benefits under the NIRC
According to this news, the approval of the tax exemption bill that’s been pending in the Senate was rushed. I say this has long been overdue.
MANILA, Philippines — With three weeks left before Congress goes into recess, the Senate is rushing the approval of a long-awaited measure that seeks to exempt minimum wage earners from paying the income tax.
But with the inflation since 1997, the brackets in the progressive tax table definitely needs as much adjustment as the personal exemption. Otherwise, it would just be like saving the lowly taxpayers a meal a day when they eat three times a day.
Continue reading The Tax Exemption Bill
Republic Act 8424 (Philippine Law), otherwise known as the Tax Reform Act of 1997 or the Revised National Internal Revenue Code (NIRC) of 1997, which became effective in 1998, is already more than a decade old law. It’s basically a comprehensive law that covers all national taxes from income tax for individuals and corporations, estate and donor’s tax, value added tax, other percentage taxes, excise tax on certain goods, and documentary stamp taxes.
The law is old enough that, as a matter of fact, certain provisions have already been revised just like the income tax for corporations and the Expanded Value Added Tax. What marvels me is why there’s no change, or at least any proposed changes underway (none that I heard of), in income tax for individuals.
Continue reading The Tax Reform Act, A Decade Old