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In the case of a corporation subject to tax under section 27 (A) and 28 (A) (1), it may elect a standard deduction in an amount not exceeding forty percent (40%) of it gross income as defined in Section 32 of this Code.
- R.A. 8424
Republic Act No. 8424 December 11, 1997. AN ACT AMENDING THE...
- R.A. 8424
17 Ιουν 2008 · [REPUBLIC ACT NO. 9504] AN ACT AMENDING SECTIONS 22, 24, 34, 35, 51, AND 79 OF REPUBLIC ACT NO. 8424, AS AMENDED, OTHERWISE KNOWN AS THE NATIONAL INTERNAL REVENUE CODE OF 1997. Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled: SECTION 1.
This Act which is a consolidation of House Bill No. 3971 and Senate Bill No. 2293 was finally passed by the House of Representatives and the Senate on May 28, 2008 and
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
8 Ιουλ 2008 · SUBJECT: Implementing Pertinent Provisions of Republic Act No. 9504, “An Act Amending Sections 22, 24, 34, 35, 51, and 79 of Republic Act No. 8424, as Amended, Otherwise Known as The National Internal Revenue Code” Relative to the Withholding of Income Tax on Compensation and Other Concerns.
31 Μαρ 2009 · What is Republic Act No. 9504? This law, which was approved on 17 June 2008 (full text), exempts minimum wage earners from paying income tax. It amends certain provisions of the the National Internal Revenue Code Of 1997. Who are covered by the exemption?
This document amends sections of the National Internal Revenue Code of 1997 (RA 8424) relating to income tax. Key changes include: - Defining "statutory minimum wage earner" and "minimum wage earner" - Exempting minimum wage earners from income tax on their taxable income including certain allowances - Allowing a standard 40% deduction of gross ...
