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PIA Press Release
2008/10/15

BIR holds tax update seminar in Davao

Davao City (15 October) -- The Bureau of Internal Revenue (BIR) regional office has scheduled a whole day Tax Update seminar today Wednesday (October 15) at Linmarr Apartelle, Agdao, Davao City.

BIR RR 19 regional director Nestor Valeroso said the tax update seminar is important because concerned agencies, particularly withholding agents from both private and public entities, including the business sector should know the exemptions and who are not exempted in the implementation of the new law, Republic Act 9504, "An Act Amending Section 22, 24, 34, 35, 51 and 79 Of Republic Act No. 8424, as Amended Otherwise Known As The National Internal Revenue Code Of 1997."

The whole day tax seminar will have two sessions: in the morning the tax seminar will be on all withholding agents from local government units and national government agencies here; and in the afternoon, withholding agents coming from the private entities and business sector will discuss on the new law, the implementing rules and regulations, and the salient features of RA 9504.

Withholding agents should know on what to do if the minimum wage earners are exempted from income taxes, Director Valeroso said.

Salient features of RA 9504 exempts minimum wage earners from income tax on their statutory minimum wage; holiday pay; overtime pay; night shift differential; and hazard pay.

It also increases the amount of personal exemptions; increases the rate of optional standard deductions or OSD on individuals; and includes corporations among those entitles to OSD.

We are inviting concerned government and private entities, the business sector, withholding agents, the CPAs and those engaged in withholding taxes to attend the seminar and be updated on the new law, Director Valeroso said. (PIA XI/BIR Davao) [top]

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