Tax Refund 101: Working millennials’ guide to Tax Refund

Michaela Andrea
PUBLISHED January 12, 2018 02:28 pm
Photo from Pixabay

(Inside Manila) Welcome to ‘adulthood.’ Surprisingly, there’s a whole new term we have to learn aside from ‘shookt,” “woke,” and “YOLO.” Let’s take tax refund as an example.

The tax refund is the excess of tax withheld over the tax due on their annual gross income. In simple terms, it’s the excess tax collected from us by our employers.

This should be given not later than January 25 the following year.

There are various reasons why we get income tax return. However, there will only be a tax refund when excess withholding tax is withheld. Here are the reasons:

  • When there are errors committed by the employees of your finance office. But this rarely happens;

  • When you change your status (e.g. you got married or had a child) the amount of tax that will be withheld from you will be changed;

  • When your salary bracket had been changed due to additional compensation or due to absences without pay;

  • When you moved or left to another company in the calendar year.



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