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Tax Break For Filipinos?

Everyone got all worked up yesterday when news came out that there would be a new tax exemption scheme for all working Filipinos. I don't really understand the nitty gritty except that the end result would be that we would be taking home MORE each payday! Apparently, Senator Mar Roxas proposed a bill that would increase (by a whole lot) the tax exemption for everyone. Of course, the higher the exemption, the less that can be taxed and the more that you can take home.

Our CFO was beset by queries yesterday - everyone was trying to confirm the news. He said that yes, the bill is now a law BUT we have to wait for the IRR (the document which states in detail how the scheme is going to be carried out), which should be out within 15 days.

The best thing about this? The law is retroactive! That means we get rebates from January to June. Woohoo!

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