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P500,000 exemption for couples

By Jun Ramirez

Married couples can claim tax exemption of up to P500,000 or P250,000 each when they file their 2018 Income Tax Returns next year, the Bureau of Internal Revenue said.

Top officials of the BIR, at the start of the public consultation on the proposed 25-page regulation implementing the Tax Reform for Acceleration and Inclusion Act, said the new law no longer distinguishes whether a tax filer is married or not as individual taxpayer has been exempted from submitting an ITR if his annual income is P250,000 and less.