RA 9504- Minimum Wage, Personal Exemptions, Additional Exemptions, Optional Standard Deduction
Category: Income Taxation
REPUBLIC ACT NO. 9504 - TAX EXEMPTION OF MINIMUM WAGE EARNERS AND INCREASING PERSONAL/ADDITIONAL EXEMPTIONS / CHANGE IN Optional Standard Deduction
Salient Points:
>“Minimum wage earners” shall be exempt from income tax on their taxable income including holiday pay, overtime, night shift differential pay, and hazard pay
>Increases the amount of personal exemption for all individuals to a fixed amount of P50,000.00 and the additional exemption toP25,000.00 for each dependent, not exceeding four (4)
>Amends Section 34(L) to increase to 40% of gross sales or receipts the Operational Standard Deduction (OSD) allowed to individuals (except nonresident aliens) engaged in business or earning income in the exercise of their profession
> Now allow corporations (except nonresident foreign corporations) to claim OSD, instead of itemized deductions, in an amount not exceeding 40% of their gross income.
Newer Philippine Law Resources:
- CIR V. WANDER PHILIPPINES INC.-Dividends, Withholding Tax -
- CIR VS PROCTER AND GAMBLE PHILIPPINE MANUFACTURING CORPORATION (204 SCRA 377) -
- BANK OF AMERICA NT & SA VS. CA- Remittance Tax -
- MARUBENI CORPORATION V. COMMISSIONER OF INTERNAL REVENUE- Income Tax -
- N.V REEDERIJ “AMSTERDAM” AND ROYAL INTEROCEAN LINES VS. COMMISSIONER OF INTERNAL REVENUE -
Additional Law Reading:
- REPUBLIC ACT NO. 10026 - TAX EXEMPTION TO LOCAL WATER DISTRICTS -
- REPUBLIC ACT NO. 9994 - ADDITIONAL BENEFITS TO SENIOR CITIZENS (TAX BENEFITS) -
- REPUBLIC ACT 9856 - REAL ESTATE INVESTMENT TRUST (TAX INCENTIVES) -
- CIR vs. MIRANT OPERATIONS- Tax Credit and Tax Refund -
- SUPREME TRANSLINER, INC. VS. BPI FAMILY SAVINGS BANK, INC.- Capital Gains Tax -
Popular in BATASnatin:
- Classification of Taxpayers - - 8605 Hits
- CIR vs. PHILIPPINE AIRLINES, INC. - Minimum Corporate Income Tax - - 298 Hits
- CIR V. WANDER PHILIPPINES INC.-Dividends, Withholding Tax - - 250 Hits
- DUMAGUETE CATHEDRAL CREDIT COOPERATIVE vs. CIR - Withholding Tax - - 235 Hits
- CIR VS. FILINVEST DEVELOPMENT CORPORATION- Theoretical Interest - - 225 Hits
RA 9504- Minimum Wage, Personal Exemptions, Additional Exemptions, Optional Standard Deduction
Category: Income Taxation
REPUBLIC ACT NO. 9504 - TAX EXEMPTION OF MINIMUM WAGE EARNERS AND INCREASING PERSONAL/ADDITIONAL EXEMPTIONS / CHANGE IN Optional Standard Deduction
Salient Points:
>“Minimum wage earners” shall be exempt from income tax on their taxable income including holiday pay, overtime, night shift differential pay, and hazard pay
>Increases the amount of personal exemption for all individuals to a fixed amount of P50,000.00 and the additional exemption toP25,000.00 for each dependent, not exceeding four (4)
>Amends Section 34(L) to increase to 40% of gross sales or receipts the Operational Standard Deduction (OSD) allowed to individuals (except nonresident aliens) engaged in business or earning income in the exercise of their profession
> Now allow corporations (except nonresident foreign corporations) to claim OSD, instead of itemized deductions, in an amount not exceeding 40% of their gross income.
Newer Philippine Law Resources:
- CIR V. WANDER PHILIPPINES INC.-Dividends, Withholding Tax -
- CIR VS PROCTER AND GAMBLE PHILIPPINE MANUFACTURING CORPORATION (204 SCRA 377) -
- BANK OF AMERICA NT & SA VS. CA- Remittance Tax -
- MARUBENI CORPORATION V. COMMISSIONER OF INTERNAL REVENUE- Income Tax -
- N.V REEDERIJ “AMSTERDAM” AND ROYAL INTEROCEAN LINES VS. COMMISSIONER OF INTERNAL REVENUE -
Additional Law Reading:
- REPUBLIC ACT NO. 10026 - TAX EXEMPTION TO LOCAL WATER DISTRICTS -
- REPUBLIC ACT NO. 9994 - ADDITIONAL BENEFITS TO SENIOR CITIZENS (TAX BENEFITS) -
- REPUBLIC ACT 9856 - REAL ESTATE INVESTMENT TRUST (TAX INCENTIVES) -
- CIR vs. MIRANT OPERATIONS- Tax Credit and Tax Refund -
- SUPREME TRANSLINER, INC. VS. BPI FAMILY SAVINGS BANK, INC.- Capital Gains Tax -
Popular in BATASnatin:
- Classification of Taxpayers - - 8605 Hits
- CIR vs. PHILIPPINE AIRLINES, INC. - Minimum Corporate Income Tax - - 298 Hits
- CIR V. WANDER PHILIPPINES INC.-Dividends, Withholding Tax - - 250 Hits
- DUMAGUETE CATHEDRAL CREDIT COOPERATIVE vs. CIR - Withholding Tax - - 235 Hits
- CIR VS. FILINVEST DEVELOPMENT CORPORATION- Theoretical Interest - - 225 Hits
BATASnatin The Firm
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