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CEBU CITY -- Senator Manuel Roxas II said Saturday that he will petition the Department of Finance (DOF) and the court to make the tax exemption on minimum wage earners retroactive to January this year, not July. However, he will not ask for a temporary restraining order because the Bureau of Internal Revenue (BIR) may use it as a reason not to give the exemption for July, June and September, he said. |
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Brief on Republic ACT No. 9504 You may have already known that the President signed into law on June 17, 2008 Republic ACT No. 9504 granting tax relief mainly to individuals. This relief, effective this July 6, 2008, consists of the following: 1. Exemption of Minimum Wage Earners 1.1 Compensation income of individuals that do not exceed the statutory minimum wage as set by the Regional Tripartite and Productivity Board and defined by the Department of Labor and Employment is automatically exempt from withholding tax. 1.2 The exemption shall cover not only the basic pay but also the holiday pay, night shift differential, overtime pay and hazard pay received by the minimum wage earners. 1.3 Those earning above the statutory minimum wage but not over ten thousand (P 10,000) pesos shall still pay the tax of 5% on taxable income. However, they have the option of either having their employers withhold the tax from the payroll or they receiving their payroll in full but filing and paying the lump sum withholding tax themselves on or before April 15th the next year.
(Those earning above P 10,000 shall be taxed based on the graduated rates of tax on taxable income of individuals). |
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Since it started, our NGenius toons have been garnering good reviews and visits. It not only presents humor, but also many times, serious topics for thought.
Here is one of the more famous post which shows us that God may not care too much on the things we think are important to us.
You may browse for more of our toons in our new business cartoon humor website, Its NGenius, and also download free one page wallpapers like this here.
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Wilson Ng, Ng Khai/NGenius/Esprint President, writer and blogger, after writing for more than 20 years have found a new creative outlet to express ideas through a new comic strip. After years of observing and reading about hundreds of companies in various situations as they resolve office politics, and relationships, he has assembled some of his most memorable anecdotes into a comic strip called ITS NGenius! View the first dozen or so strips in his Bizdrivenlife Blog.
The goal is to create over one hundred strips and put into book form to commemorate the 15th anniversary of the start of Ng Khai Development Corporation.
See yourself in the various hilarious and comical situations which can also be educational in this new ItsNGenius
business strip stories. |
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One in three corporate tech projects fails to meet expectations. But few businesses seem to care. |
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