The Department of Finance through the Bureau of Internal Revenue already released the final version of the implementing rules and regulations, including the revised withholding tax tables, of Republic Act 9504, otherwise known as the Tax Relief Law which aimed to relieve minimum wage earners from paying tax.
RA 9504 took effect last July 6, 2008 but the implementing guidelines could not be obtained by those concerned. The said revenue regulation was finalized and released only yesterday by the BIR (take note: the RR was ante-dated on July 8, 2008) amidst expressed dissatisfaction of some tax practitioners and employers over the half-year implementation of the benefits of the law this 2008. Moreover, most employers are clamoring over the administrative requirements (a nightmare!) of the revenue regulation.
Anyhow, here is the aforementioned revenue regulation –
Annex A: Summary of Current Regional Daily Minimum Wage Rates (as of June 2008)
Annex B: Factor or Number of Working/Paid Days in a Year
Annex C: Revised Withholding Tax Tables Effective January 1, 2009
Annex D: Revised Transitional Withholding Tax Tables for the period July 6, 2008 to December 31, 2008
Annex E: Certificate of Gross Income for the Year
Annex F: Sworn Declaration and Waiver of Right to Claim of Exemptions of Qualified Dependent Children
Good luck to all those concerned.