By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.
MANILA, Philippines — The House Committee on Ways and Means approved on Monday separate measures raising the annual taxable income exemption ceiling to ₱350,000 from ₱250,000 and exempting microenterprises from the 2-percent minimum corporate income tax (MCIT).
House Bills No. 10345 and 10346 were introduced by Speaker Faustino “Bojie” Dy III and Majority Leader Ferdinand Alexander “Sandro” Marcos, respectively, as part of a broad tax reform package to help individual taxpayers and small businesses, according to a House committee statement issued on Monday.
The bills were approved, subject to style changes, during a committee hearing presided over by Marikina Rep. Miro Quimbo.
The proposed measure seeks to amend Section 24 of the National Internal Revenue Code by restructuring the graduated income tax rates imposed on individual taxpayers.
