AN ACT ADJUSTING THE BASIC PERSONAL AND ADDITIONAL EXEMPTIONS ALLOWABLE TO INDIVIDUALS FOR INCOME TAX PURPOSES TO THE POVERTY THRESHOLD LEVEL, AMENDING FOR THE PURPOSE SECTION 29, PARAGRAPH (L), ITEMS (1) AND (2)(A), OF THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED, AND FOR OTHER PURPOSES
Year:
1991
Category:
Other
Date Approved:
December 19, 1991
Summary
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This act adjusts the basic personal and additional exemptions allowable to individuals for income tax purposes to align with the poverty threshold level. It amends specific provisions of the National Internal Revenue Code regarding personal and additional exemptions.Full Text
Eighth Congress
REPUBLIC ACT No. 7167 December 19, 1991
AN ACT ADJUSTING THE BASIC PERSONAL AND ADDITIONAL EXEMPTIONS ALLOWABLE TO INDIVIDUALS FOR INCOME TAX PURPOSES TO THE POVERTY THRESHOLD LEVEL, AMENDING FOR THE PURPOSE SECTION 29, PARAGRAPH (L), ITEMS (1) AND (2)(A), OF THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED, AND FOR OTHER PURPOSES
Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:
Section 1. The first paragraph of item (1), paragraph (l) of Section 29 of the National Internal Revenue Code, as amended, is hereby further amended to read as follows:
Section 2. The first paragraph of item (2)(A), paragraph (l) of Section 29 of the same Code, as amended, is hereby further amended to read as follows:
Section 3. This Act shall take effect upon its approval.
Approved: December 19, 1991.
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