INCREASED TAX EXEMPTIONS FOR INDIVIDUAL TAXPAYERS

Both houses for Philippine Congress are now about to hold it's joint committee deliberations to put into law an increased personal and allowable deductions for individual taxpayers. Currently, a single taxpayer enjoys Php.20,000.00 deduction as a allowable deduction from his/her taxable income, for a head of the family individual is Php.25,000 and for a married individual Php.32,000. An additional Php.8,000 allowable deduction from a head of the family or married individual for every dependent to a maximum of 4 dependents.

The Philippines' House of Representatives and House of Senate are proposing an increased personal exemption to Php.50,000 for a single, head of the family or married individual and an additional Php.25,000 per dependent for the two latter types of individual taxpayer. This will be the government's answer to help ease the effect of rises prices and escalating cost of living. I believe it is just appropos that this bills be passed into law as this will very much directly benefit individual taxpayers. Hopefully, the Filipino people will already be hearing this good news in effect by the end of this end of June.