Hoping for a tax refund | KPMG | PH

Hoping for a tax refund

Hoping for a tax refund

by Dennice Clyte Ramirez

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hoping for a tax refund

The humorist F.J Raymond once said, "Next to being shot at and missed, nothing is really quite as satisfying as an income tax refund." Well, i completely agree. What are the chances that individual taxpayers will receive refunds from taxes that were erroneously paid years ago? In the Philippines, in particular, receiving tax refunds in unheard of, so it is satisfying to know it could actually happen. Due to a recent en banc decision by the Supreme Court (SC), it may be possible for taxpayers to claim a refund for incorrect amount of taxes paid to government in 2008/

In the SC en banc decision dates January 24, the SC declared null and void the following provisions of Revenue Regulations (RR) No. 10-2008: (1) Sections 1 and 3 which disqualify minimum wage erners (MWEs) from the privilege of hte MWE exemption in case they will receive bonuses and other benefits exceeding the statutory ceiling of P30,000; and (2) Section3 in so far as it provides for a prorated application of the increased personal and additional exemptions under Republic Act (RA) No. 9504 for taxable year 2008 and for the period of applicability of the MWE exemption to begin only on July 6, 2008.

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