The Philippine Congress and Senate has successfully agreed to pass one law that is relevant to the Filipino People!
And the President has acted on it. She signed into law Republic Act 9504 or an act amending Sections 22, 24, 34, 35, 51, and 79 of RA 8424 or the National Internal Revenue Code of 1997.
What does it mean?
Well… In technical terms:
Tax Excemptions will be increased!(yey!) It will be as follows:
From the current P20,000 personal exemption for single taxpayers, P25,000 for head of family, and P32,000 for married individual, the tax exemption will be fixed at P50,000, Roxas said.
The additional exemption for dependents will increase from P8,000 to P25,000
In other words, take home pay of the minimum wage earners will be slightly increased, thank goodness! At the same time relief from the ongoing price increases will somehow be countered with the higher take home.
It is not solely for the minimum wage earners, but those taking home more than the minimum gets to take home a bit higher too.
Congratulations to the Philippine government for making something useful for everyone else. And not making all citizens think that you are only doing everything for their own benefit.
Mabuhay ang Pilipinas!
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