ADVOCACIES

Back to Listing

RA 9504: Simplified Net Income Tax Reform Act

RA 9504: Simplified Net Income Tax Reform Act

Exempts minimum wage earners in both private and government sectors from payment of income tax and gives an individual taxpayer a higher personal exemption and additional deductions for dependents. It likewise amends the Optional Standard Deduction (OSD) available for self-employed and professionals – from l0% of gross income to 40% of gross sales or gross receipts.

Signed by GMA on 06/17/2008

Source: http://www.officialgazette.gov.ph/2008/06/17/republic-act-no-9504/