How soon will the philippines tax exemption bill be implemented?

Question

How soon will the philippines tax exemption bill be implemented?

Answer 1

Answer:

The tax exemption bill for minimum wage earners will be signed today, July 17, 2008 by the President of the Philippines.

A person earning P7,900 a month will now have an additional P750 of take-home pay per month, or P34 per day.

For other salaried workers, the measure would allow an employee earning P455 per day or P10,010 per month to have an additional take-home pay of P472.59 per month or P5,671.02 per year if unmarried; P678.50 per month or P8,142.04 per year as head of the family; and P580.92 per month or P6,971.02 per year for those married with four children.

An employee earning P683 per day or P15,026 per month would have an additional take-home pay of P545.26 per month or P6,543.10 per year if unmarried; P1,307.18 per month or P15,686.20 per year as head of the family; and P1,190.52 per month or P14,286.20 per year for those married with four children.

Answer 2

it will never happen becouse tax is used to our country just like our health, daily needs, food, for the poor, contruction and so on

if its exempted what do you think will happen?

Best Answer Please

Answer 3

I agree with silentgwapo and johnny bravo. I also do hope that it is going to be retroactive, as in effective since January 1, 2008. If that will be the case, its either we will have a large tax refund or lower taxes for the next six months of the year. Yipee! I already computed my tax savings and I am so happy wiit it. I hope the BIR will issue the RA and the related RRs and RMCs to its website so we can fully understand the new law.

Answer 4

The effectivity of the new tax exemption bill that was signed by the president of the philippines today, will take effect 15 days after its publication in a national newspaper.

Answer 5

i do agree with silentgwapo though i still have to inquire the BIR if there would be a retroactive effect, meaning as if the law is in effect beginning of this year.