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Employees' bonus money tax-exemption has just more than doubled
From 30K to 82K
Posted on 2015 March 13
Good news for salary-earning workers. Starting in March 2015, the tax-exempt portion of employee bonuses gets kicked up from the longstanding PhP30,000 to a newly mandated PhP82,000. This small but still welcome liberalization comes from R.A. 10653, signed into law two days before Valentine's 2015. On top of this good news is further good Good news for users of our SURE! PayMaster: you will be able to adjust SURE! PayMaster's algorithm for this new exemption amount without missing a beat. Without needing an update of your SURE! PayMaster license. Without even needing to call us (though you are welcome if you do call). The exempt amount is a user-definable variable within SURE! PayMaster; you can change it yourself in as little time as it takes to type “82000”. Currently, it is set at PhP30,000. To be in (enthusiastic) compliance with the new rule, SURE! PayMaster users merely need to overwrite this old amount by typing in “82000” in the appropriate field. And where do you find this appropriate field in SURE! PayMaster? From the Main Menu, go to A. Setup...thence to submenu option D. Design Pay Slip... thence to sub-submenu option C. Define Govt, Tax, Bonus Parameters. The input field to insert the new tax-exempt amount is the 3rd (and last) input field in the 4th (and last) input box of this section. More good news: If ever the tax-exempt amount should change again in future (and it will in fact do so three years from now ), all a SURE! PayMaster user has to do is edit this field again. Enjoy. (Not yet a user of SURE! PayMaster? Learn about it here.)
Testimonial
"We have been a user of Balmori Software programs such as the SURE! GL and PayMaster since 1992. We appreciate your software programs since they can be easily learned and used even by our newly-hired accounting staff. The long time that we have been using your software programs just shows how much we are satisfied with them and that we have not encountered any difficulty nor problem with them over those years. We also have the confidence to recommend them to others who are looking for good software programs for their accounting department." EVA LORELEI G. BELDAChief Accountant ALOHA HOTEL |