BIR Revenue Regulations on Optional Standard Deduction

Ask AI

BIR REVENUE REGULATIONS NO. 16-2008: BIR Revenue Regulations on Optional Standard Deduction

What do you want to know about the law?
Ask AI quickly gives answers based only on the current context to avoid mistakes. Always verify with the original text.

New Chat Started

Ask AI

Title Source: Supreme Court: BIR Revenue Regulations on Optional Standard Deduction

Law: Bir Revenue Regulations No. 16-2008

Decision Date: Nov 26, 2008

BIR Revenue Regulations No. 16-2008 establishes the Optional Standard Deduction (OSD) for individuals and corporations, allowing a maximum deduction of 40% of gross sales or gross income to simplify tax computations and provide an alternative to itemized deductions.

END