Accountant and Consultant Nelia E. Tumarao said the business sector needs a thorough understanding of the Tax Relief Package Law, otherwise known as Republic Act 9504 signed by President Gloria Macapagal Arroyo on June 17, 2008.

Tumarao said the event in coordination with the Small and Medium Enterprise Resource Network (SMERN), the Davao City SME Center and DCCCII Trainings and Consultancy Committee will focus on the "Implications and Effects of RA 9504 in your Business".

She said the new law would benefit mostly the workers as their net take home pay will increase.

"With more take home pay for workers, there will be more money in circulation and business would benefit from it," she said.

The new law exempts minimum wage earners from paying income tax, increasing tax exemption for all earners and additional exemptions for individuals with dependents/children.

The scheme would alleviate the pitiful condition of the law income group - especially the laborers - who find difficulty in coping with the skyrocketing cost of living, Tumarao added.

She said the amendment of the republic act should already be in use by companies in payroll and tax computations from the period of July 6 to July 31, 2008, but because of the delay in issuance of the Implementing Rules and Regulations (IRR), companies are at a loss on how to go about updating and revising their payroll programs.

Topics of the seminar include coverage of the law, significant computations, steps in determining tax to be withheld from compensation, compliance requirements, year end adjustment for new tax scheme, forms to be used, update on the submission of year end reports, how to use the new withholding tax table, updated list of fringe benefits based on BIR Regulations and revenue regulation 5-2008 on de minis benefits. PNA