I didn’t fully heard this news on the television, I just got the gist – there is a new bill being reviewed that aims to increase the current tax exemptions we have. Hooray!
I’ve been meaning to blog about it, but you see, I almost forgot about it despite the fact that I have all the time in the world to blog while at the office! Hahahaha! (I really need some memory enhancers, any suggestions?) Ok, back to the bill.
As far as I’m concerned, as a married person with no dependent (since Mon was the one who declared Ayex as his dependent), my current tax exemption is PhP32,000. In the new bill, this will be increased to PhP50,000! That’s additional PhP18,000 to my yearly take-home pay. As for Mon, his current tax exemption is PhP40,000 (PhP32,000 for being married and PhP8,000 for having 1 dependent). This will be increased to PhP75,000 in the new bill (PhP50,000 for being married and PhP25,000 for having 1 dependent). Wow! That’s additional PhP35,000 annually, which we can save for Ayex’s schooling in the future!
I hope and pray that this bill will soon be signed by GMA and be effective immediately because I’m really feeling that 32% tax on my salary. And if I may say, if this will be implemented properly, I think this will be one bills that is truly made to create a better life for Filipinos, then we can finally say, our taxes are worth it all.
For a more comprehensive new regarding this bill, you may read this article.