Monday, March 20, 2017

Duterte tax reform to bring relief to 99 pct of workers...

President Rodrigo Duterte’s reform program will bring tax exemptions or lower rates to 99 percent of Filipinos, who earn no more that P5 million per year, a finance official said.

Under the proposal, which is pending in Congress, those who earn P250,000 or lower per year will be exempted from paying income tax, undersecretary Karl Kendrick Chua said.

This means a call center agent who earns P21,000 per month will be exempted from tax, according to computations from the Department of Finance.

While the agent’s gross annual income is P273,000, his taxable income is P236,834, still below the P250,000 threshold. This is because his 13th month pay and mandatory contributions are excluded from the computation.

The reform push aims to address the fundamental flaw of the tax system, “very high rates and a very narrow base,” Chua told DZMM. Full story...

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