Inapplicability of Personal and Additional Exemptions to the 1997 Income of Individual Taxpayers
BIR Ruling No. 023-98 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Feb 24, 1998
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February 24, 1998 BIR RULING NO. 023-98 R.A. 8424-000-00-023-98 Office of the City Mayor Ozamiz City Attention: Mr . Ireneo A . Anislag City Budget Officer Gentlemen : This refers to your letter dated December 17, 1997, which was referred to this Office by the Department of Finance on January 16, 1998, requesting in effect, for a ruling on whether or not the individual tax exemption under Republic Act No. 8424 is applicable to the 1997 income. In reply, please be informed that the provisions of the National Internal Revenue Code of 1997 became effective on January 1, 1998 as prescribed under Section 8 of Republic Act No. 8424. Such being the case, the personal and additional exemptions prescribed under Section 35 (A) and (B) of the National Internal Revenue Code of 1997 cannot be made to apply to the 1997 income of individual taxpayers but to their income which have been earned and/or received for the year 1998 and thenceforth. LLjur Please be guided accordingly. Very truly yours, (SGD.) LIWAYWAY VINZONS-CHATO Commissioner of Internal Revenue
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