Amendments to Section 7 of Revenue Regulations No. V 8, as amended

January 31, 1981 REVENUE REGULATIONS NO. 05-81 SUBJECT : Amendments to Section 7 of Revenue Regulations No. V 8, as amended TO : All Internal Revenue Officers and Others Concerned SECTION 1 . Scope . Pursuant of Section 326 in relation to Section 91 of the National Internal Revenue Code, as amended, these Regulations are promulgated to revise the withholding tax tables in Section 7 of Revenue Regulations No. V-8, to take into account the increase of personal exemption of single individuals, heads of families, married persons and additional exemption for dependents, as well as the 10% optional standard deduction without limitation as provided for in Presidential Decree No. 1773. casia SECTION 2 . Section 7 of the Revenue Regulations No. V-8 is amended to read as follows: "Sec. 7. Employer to withhold . Every employer who pays wages to an employee must withhold from such wages paid, an amount computed in accordance with the following tables: cd i xxx xxx xxx * SECTION 3 . Effectivity . These Regulations shall take effect as of January 1, 1981. ALFREDO-PIO DE RODA, JR. Acting Minister of Finance Recommended by: RUBEN B. ANCHETA Acting Commissioner * Revised tables attached.