Accounting, Audit and Tax Matters

[necrotic freak]

---

ang exemted dba ky minimum wage lng?

tanan bro.. pero kung above minimum ka dili jud ma zero imong tax mo gamay lang ug maayo.. asta overtime pay kay tax free na!

[watchOut09]

if wla gi implement ang tax exemption sa imo company, makuha ba nimo balik imo money at the end of the year? like sobra diay ila naiban nga WTax sa imo pay, how's that

[xyberblue]

if wla gi implement ang tax exemption sa imo company, makuha ba nimo balik imo money at the end of the year? like sobra diay ila naiban nga WTax sa imo pay, how's that

Makuha nimo bro, like sa amoa company, every January or February namo madawat ang sobra sa tax computation. I think the accountants/auditors can clearly explain this but as what I have heard, there is a computation of the annual tax amount that you should pay aside from the monthly computation. then inig total sa monthly computation, i compare na nila sa annual na computation. Then if pila ang difference, mao na ang ila iuli nimo. Correct me if I am wrong because every January naa man mi madawat na difference sa among tax. Naa sad mi kauban na naminusan pa ang ila sweldo kay wala nagtakdo ang ila annual computation sa ilang monthly which is negative ang result sa computation.

[maiagabrielle]

rey naa ka copy new withholding tax table. send me sa email be, please. thanks daan

[r3roble]

September 24, 2008

P&A tax alert
Implementing regulations of Republic Act No. 9504

The BIR has issued Revenue Regulations No. 10-2008 (September 24, 200
implementing the provisions of Republic Act (RA) No. 9504 relative to the
income tax exemption of minimum wage earners and increase in the amount of
personal and additional exemption allowances.

RR 10-08 does not provide for any retroactive effect, thus, the tax relief
under RA 9504 shall be enjoyed starting only on July 06, 2008 which is the
date of effectivity of the law.

1. Scope of income tax exemption of MWEs. The income tax exemption of
minimum wage earners covers the statutory minimum wage, holiday pay,
overtime pay, nigh-shift differential pay and hazard pay. However, if a
MWE earns additional compensation such as commissions, honoraria, fringe
benefits, benefits in excess of the allowable statutory amount of
P30,000.00, taxable allowances and other taxable income, he/she shall no
longer enjoy the privilege of being a MWE, and therefore, his/her entire
earnings will be subject to income tax and consequently, from withholding
tax.

2. Pro-rating of personal & additional exemption allowances - For CY 2008,
the applicable personal and additional exemptions shall be prorated, as
follows:

January 1 to July 6 to Total
July 5 December 31
Personal exemption
Single P 10,000 P 25,000 P35,000
Head of family 12,500 25,000 37,500
Married 16,000 25,000 41,000
Additional exemption for 4,000 12,500 16,500
Every QDC

For the period July 06 to December 31, 2008, a transitory withholding tax
table shall be applied using the pro-rated personal and additional
exemption allowances covering the period July 06 to December 31, 2008.
Employers are required to undertake final year adjustments consolidating
their employees? compensation for 2008 taking into consideration the
transitory exemption allowances.

3. Compliance requirements under RR 10-08. The regulation imposes new and
additional compliance requirements which should be complied with to ensure
that the employees receive the full benefits of the law, as follows:

a. Submission of list of MWEs receiving hazard pay ? This should be
attached to BIR Form 1601C for return periods March, June, September and
December.

b. Submission of BIR Form 2305 for updating of exemption status ? For
Taxable Year 2008, employees with change in status and number of qualified
dependent children shall accomplish BIR Form 2305, and submit the same
together with the required documents/evidence of exemption to their
employers not later than October 31, 2008. The original and duplicate
copies of BIR Form 2305 together with the required attachments should be
submitted to the BIR by the employer on or before November 28, 2008.

For those with no change of status and number of qualified
dependents, the employer should be responsible for reflecting the new
exemption allowances of their employees in their records.

The requirement to submit quarterly alphalist of MWEs contained under the
draft regulations has been removed under RR 10-08.

[r3roble]

at last... the much awaited final regulation of RA 9504 has just been issued last September 24, 2008, dubbed as Revenue Regulation 10-2008...

there's no more gray areas on this one... final na jud...

[xyberblue]

Meaning ba ani bro mo reflect nani sa among next month payslip?

[necrotic freak]

if wla gi implement ang tax exemption sa imo company, makuha ba nimo balik imo money at the end of the year? like sobra diay ila naiban nga WTax sa imo pay, how's that

mao na siya ang income tax refund.. mo refund jud ang company ana..

[pridi]

at last... the much awaited final regulation of RA 9504 has just been issued last September 24, 2008, dubbed as Revenue Regulation 10-2008...

there's no more gray areas on this one... final na jud...

from what months gani specifically ma affected ani? since month of july? or september na?

[maiagabrielle]

hoist tax table be for withholding.. send me a pm ha. thanks daan. =)