SC orders income tax refund for minimum wage earners
The Supreme Court declares the pro-rated income tax rate implemented by the Bureau of Internal Revenue in 2008 as erroneous. This report tells us, the high tribunal has ordered a refund for minimum wage earners.
The high tribunal last month voided a 2008 regulation by the Bureau of Internal Revenue that disqualified minimum wage earners from availing of tax exemptions.
For minimum wage earners with a daily rate of P382 in 2008, the refundable income tax of P3,100 should be given once the decision becomes final, according to a sample BIR computation.
For those wit a monthly wage of P20,000 and single, the refundable amount is P43,750, according to the BIR. Those with at least one but not more than four dependents will likely get a larger refund. -- report from Alvin Elchico, ABS-CBN News