Exclusion of certain benefits from taxable income

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Republic Act No. 7833: Exclusion of certain benefits from taxable income

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Title Supreme Court: Exclusion of certain benefits from taxable income

Law: Republic Act No. 7833

Decision Date: Dec 8, 1994

Republic Act No. 7833 excludes certain benefits from taxable compensation income, providing relief for officials and employees of the national and local governments, as well as other individuals, with a cap of P30,000 and effective from January 1, 1994.

gross compensation income

taxable compensation income

benefits exclusion

A

Coverage Period and Withholding Tax Adjustment

Benefits paid or accrued starting January 1, 1994, are covered by the exclusion
Authorization for withholding agents to refund or adjust withholding taxes previously deducted from covered benefits before the Act's effectivity
Adjustments to be made in succeeding payroll periods to reimburse officials and employees

Rulemaking Authority

Secretary of Finance, upon recommendation of the Commissioner of Internal Revenue, is mandated to promulgate implementing rules and regulations
Ensures effective application and enforcement of the Act's provisions

Repeal and Amendment of Inconsistent Issuances

All existing laws, decrees, orders, rules, regulations, and other issuances inconsistent with this Act are repealed or amended accordingly

Effectivity

The Act takes effect fifteen (15) days after complete publication in the Official Gazette or any two newspapers of general circulation, whichever comes earlier

END