Implementing the PWD tax incentives

 Economy
May 012017
 

Since the passage of Republic Act (RA) 10754, An Act Expanding the Benefits and Privileges of Persons With Disability (PWDs), it is only now that disabled members of society will be fully enjoying the benefits granted by this law.
Revenue Regulations No. 5-2017 were approved by the Secretary of Finance upon the recommendation of the Bureau of Internal Revenue (BIR) on April 20. The regulations prescribe the guidelines for the availment and implementation of the 20% discount and the additional exemption as dependents for personal income tax purposes.

Implementing rules for PWD tax incentives

 Economy
Jan 252017
 

Last year, one of the most interesting discussions among working Filipinos was the proposed tax reform. As taxpayers who prioritize putting food on the table and providing a better life for our families, we remain eager for the proposed tax restructuring plans especially the proposed reduction in the personal income tax which promises to increase take-home pay.While the deliberations for tax reform are still in progress, our lawmakers took a closer look at a sector of our society that may need more assistance from the government — Persons with Disability (PWDs) and those caring for them — so that they may enjoy additional tax incentives.

PWDs as tax dependents

 Economy
Nov 072016
 

With less than two months before 2016 comes to an end, employers have started the tax annualization of the withholding taxes of their employees. Former President Benigno S. C. Aquino III signed Republic Act (RA) 10754 into law, an act expanding the benefits and privileges of persons with disability (PWDs). It is worth noting that this RA provided for the classification of a PWD as a dependent subject to certain qualifications, for purposes of allowing the benefactor the privilege of claiming the P25,000 exemption in computing taxable income.