Revised Tax Exemptions schemes

[tidus1203]

The EVAT was a good law in general. Only the populist go against it cause they never understand the bigger picture that we are so burdened with debt servicing and it has to be reduce big time. Sacrifices are necessary.

[mikaztro]

The senator added that all holiday, night differential, hazard, and overtime pay would also be tax-exempt.

- I wonder kung sa minimum wage earners ito o para sa lahat. I think matutuwa mga taga call centers nito lalo na sa mga nag night diffs and OTs. Biro ninyo tax exempted na yon. This is really a good news to everyone.

[mikaztro]

The senator added that all holiday, night differential, hazard, and overtime pay would also be tax-exempt.

- I wonder kung sa minimum wage earners ito o para sa lahat. I think matutuwa mga taga call centers nito lalo na sa mga nag night diffs and OTs. Biro ninyo tax exempted na yon. This is really a good news to everyone.

[coiter]

sana next step is to update the tax brackets. kung di ako nagkakamali, more than 20 yrs na (1987 constitiution) since last na update ito. so a salary of 10k before would probably be worth around 20k today.

[1D4LV]

just had a meeting with a BIR lawyer just this lunch.

this will be effective after 15 days after publication + completion of the guidelines for BIR. so tingin ko mga two months pa ito.

[shadow]

mganda nanaman sa umpisa but where the hell will the gov't get the fiscal deficit bec of this new tax exemption? I'm 100% sure that one bracket will be affected one way or another to give way for the minumum earners...will it come from the self-employed and professionals?

how much additonal taxes will be implemented to the other brackets? let us wait for the reaction of the bracket that was affected to be able for the gov't to implement this

[1D4LV]

mganda nanaman sa umpisa but where the hell will the gov't get the fiscal deficit bec of this new tax exemption? I'm 100% sure that one bracket will be affected one way or another to give way for the minumum earners...will it come from the self-employed and professionals?

how much additonal taxes will be implemented to the other brackets? let us wait for the reaction of the bracket that was affected to be able for the gov't to implement this

based on what i heard from the news last night:

a. corporate taxes
b. they will streamline and simplify individual tax filing so that many individuals will be encouraged to file their taxes
c. more efficient tax collection.

[tidus1203]

Natawa ako sa C. Efficient Tax collection

[meledson]

In a way, this is a good news para sa atin na nabubuhay sa suweldo.

[_Qwerty_]

To illustrate this:

If you are earning Php500,000.00 a year, married w/ 4 kids.

[SIZE=2]old exemption: 52T[/SIZE]
[SIZE=2]50T + 30% of >250T[/SIZE]
[SIZE=2]500T - 52T = 448T - 250T = 198T x .30 = 59,400 + 50T = Php109,400.00 tax per year or Php9,116.66 per month[/SIZE]

[SIZE=2]new exemption: 150T[/SIZE]
[SIZE=2][SIZE=2]50T + 30% of >250T[/SIZE]
[SIZE=2]500T - 150T = 350T - 250T = 100T x .30 = 30,000 + 50T = Php80,000.00 tax per year or Php6,666.66 per month[/SIZE]

** saving of at least Php2,500.00 per month on tax.
[/SIZE]