Tuesday 17 July
Powered by Ajaxy
Oct 3, 2017 @ 20:18

Gatchalian moves to raise personal tax exemption to P200,000


Senator Win Gatchalian wants to expand the personal income tax exemption provided in the Senate version of the proposed Tax Reform for Acceleration and Inclusion (TRAIN) Act.

He made the move to lessen the burden to be imposed on near poor households under the proposed comprehensive tax reform program.

Gatchalian, chair of the Senate Committee on Economic Affairs, stressed the need to raise the threshold for income tax exemption to P200,000 per individual taxpayer annually, a 33-percent increase from the P150,000 cap provided by the bill in its current form.

“In the proper time, I would like to propose an increase to protect the near poor because they are one of the most vulnerable sectors of our population,” he said.

“They can go into poverty even with the slightest shock,” Gatchalian said as he interpellated Sen. Sonny Angara, chair of the Senate Ways and Means Committee and principal sponsor of the TRAIN Bill.

Gatchalian said increasing the cap to P200,000 would benefit more low income earners, pointing out that a portion of their wages would still be taxed by the government.

Tags: , , , , ,

Related Stories
International credit rating agencies are seeing that fiscal reforms are reaping good gains.
This would surge from the 3.2 percent average in 2017.
Businesses’ compliance to higher taxes on cigarettes and not the impact of tax reform is
Government and business leaders will join forces for tax reform 101 sessions in eight cities.


Trending News

Recommended on sister sites

Copyright © 2018 Bilyonaryo - Latest news on the richest Filipinos and Family Business.