Section 2June 17, 2008, Sec./Art. 2

Section 24(A) of Republic Act No. 8424, as amended, otherwise known as the National Internal Revenue Code of 1997, is hereby further amended to read as follows:

"SEC. 24. Income Tax Rates. -

"(A) Rates of Income Tax on Individual Citizen and Individual Resident Alien of the Philippines. -

"(1) x x x:

"x x x; and

"(c) On the taxable income defined in Section 31 of this code, other than income subject to tax under Subsections (B), (C) and (D) of this Section, derived for each taxable year from all sources within the Philippines by an individual alien who is a resident of the Philippines.

"(2) Rates of Tax on Taxable Income of Individuals. - The tax shall be computed in accordance with and at the rates established in the following schedule:

"Not over P10,000

........

5%

"Over P10,000 but not over P30,000

........

P500+10% of the excess over P10,000

"Over P30,000 but not over P70,000

........

P2,500+15% of the excess over P30,000

"Over P70,000 but not over P140,000

........

P8,500+20% of the excess over P70,000

"Over P140,000 but not over P250,000

........

P22,500+25% of the excess over P140,000

"Over P250,000 but not over P500,000

........

P50,000+30% of the excess over P250,000

"Over P5000,000

........

P125,000+32% of the excess over P500,000

"For married individuals, the husband and wife, subject to the provision of Section 51 (D) hereof, shall compute separately their individual income tax based on their respective total taxable income: Provided, that if any income cannot be definitely attributed to or identified as income exclusively earned or realized by either of the spouses, the same shall be divided equally between the spouses for the purpose of determining their respective taxable income.

"Provided, That minimum wage earners as defined in Section 22 (HH) of this Code shall be exempt from the payment of income tax on their taxable income: Provided, further, That the holiday pay, overtime pay, night shift differential pay and hazard pay received by such minimum wage earners shall likewise be exempt from income tax.

"x x x."