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This page features the full text of
Republic Act No. 7167
AN
ACT ADJUSTING THE BASIC PERSONAL AND ADDITIONAL EXEMPTIONS ALLOWABLE TO
INDIVIDUALS FOR INCOME TAX PURPOSES TO THE POVERTY THRESHOLD LEVEL,
AMENDING
FOR THE PURPOSE SECTION 29, PARAGRAPH (L), ITEMS (1) AND (2)(A), OF THE
NATIONAL INTERNAL REVENUE CODE, AS AMENDED, AND FOR OTHER PURPOSES.
REPUBLIC
ACT NO. 7167AN
ACT ADJUSTING THE BASIC PERSONAL AND ADDITIONAL EXEMPTIONS ALLOWABLE TO
INDIVIDUALS FOR INCOME TAX PURPOSES TO THE POVERTY THRESHOLD LEVEL,
AMENDING
FOR THE PURPOSE SECTION 29, PARAGRAPH (L), ITEMS (1) AND (2)(A), OF THE
NATIONAL INTERNAL REVENUE CODE, AS AMENDED, AND FOR OTHER PURPOSES.
Section
1. The first paragraph of item
(1), paragraph (l) of Section 29 of the National Internal Revenue Code,
as amended, is hereby further amended to read as follows: chanrobles virtuallaw libraryred
"(l) Personal
exemptions allowable to individuals. — (1) Basic personal exemption. —
For the purpose of determining the tax provided in Section 21(a) of
this
Title, there shall be allowed a basic personal exemption as
follows:
chan
robles
virtual law library"For
single individual or married individual judicially
decreed
as legally separated with no qualified dependents P9,000
"For
head of a family P12,000chanrobles virtuallaw libraryred
"For
married individual P18,000
Provided,
That husband and wife electing to compute their income tax separately
shall
be entitled to a personal exemption of P9,000 each."
chan
robles
virtual law library
Sec.
2. The first paragraph of item
(2)(A), paragraph (l) of Section 29 of the same Code, as amended, is
hereby
further amended to read as follows: chanrobles virtuallaw libraryred
"(2) Additional
exemption
chanrobles virtuallaw libraryred"(A) Taxpayers
with dependents. — A married individual or a head of family shall be
allowed
an additional exemption of Five thousand pesos (P5,000) for each
dependent:
Provided, That the total number of dependents for which additional
exemptions
may be claimed shall not exceed four dependents: Provided, further,
That
an additional exemption of One thousand pesos (P1,000) shall be allowed
for each child who otherwise qualified as dependent prior to January 1,
1980: Provided, finally, That the additional exemption for dependents
shall
be claimed by only one of the spouses in the case of married
individuals
electing to compute their income tax liabilities separately."chanrobles virtuallaw libraryred
Sec.
3. This Act shall take effect
upon its approval. chanrobles virtuallaw libraryred
Approved:
December 19, 1991
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