Marcos tax plan to cost gov’t P66B yearly

Finance Secretary Frederick Go

MANILA, Philippines — The Philippine government stands to forgo about P66 billion in revenue under President Marcos’ proposal to expand personal income tax exemptions and exempt small businesses from the minimum corporate income tax.

Finance Secretary Frederick Go said on Wednesday that raising the annual personal income tax exemption threshold to P350,000 from P250,000 would reduce government revenue by about P60 billion a year.

READ: Gov’t eyes tax relief for middle class Filipinos

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Marcos tax plan to cost gov’t P66B yearly

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