Request for the Implementing Rules and Regulations of R.A. No. 7432

1994 BIR RULING NO. 107-94 R.A. 7432 21 000-00 107-94 Caburan Small Senior Citizens Association Jose Abad Santos, Davao del Sur Attention: Mr . Sotero L . Mejorada President Gentlemen : This refers to your letter dated August 25, 1993 addressed to the Acting Secretary, Department of Finance, requesting for the implementing rules and regulations of R.A. No. 7432, particularly on the tax exemption benefits and other privileges of senior citizens. In reply, please be informed that under Section 4 of R.A. No. 7422, pertinent portion of which reads: "Sec. 4. Privileges for the Senior Citizens . The Senior Citizens shall be entitled to the following: "a) . . . "b) . . . "c) exemption from the payment of individual income taxes; Provided, That their annual taxable income does not exceed the poverty level as determined by the National Economic and Development Authority (NEDA) for that year; xxx xxx xxx" only senior citizens who are at least sixty (60) years old, residing in the Philippines, including those who have retired from both government offices and private enterprises, and with an income of not more than Sixty Thousand Pesos (P60,000.00) per annum, subject to the review by the National Economic and Development Authority (NEDA) every three (3) years shall qualify for the benefits set forth under the Act. (Sec. 2, Ibid) With respect to the implementing rules of said Act, please find enclosed hereto, Revenue Regulations No. 2-94 for your information. aisadc Very truly yours, LIWAYWAY VINZONS-CHATO Commissioner of Internal Revenue