World
House Panel Approves Income Tax Exemption Ceiling Increase to P350,000
The House Committee on Ways and Means advances a proposal to raise the income tax exemption ceiling to P350,000, impacting workers and small businesses.
On Monday, the House Committee on Ways and Means approved a proposal to raise the income tax exemption ceiling to P350,000 from the previous ceiling of P250,000. This measure aims to alleviate the tax burden for individuals earning up to P350,000 annually.
The approval of this bill follows discussions led by Cagayan de Oro Representative Rufus Rodriguez during a committee hearing. The proposal will now undergo further style and technical revisions before it can be presented for a vote in the House of Representatives.
In addition to the income tax exemption ceiling increase, the committee also advanced a measure that exempts microenterprises from the 2-percent minimum corporate income tax (MCIT). This proposal is seen as a way to support small businesses in the Philippines.
House Bills No. 10345 and 10346, which incorporate these changes, were introduced by Speaker Faustino 'Bojie' Dy III and Majority Leader Ferdinand Alexander. These initiatives reflect ongoing efforts to revise the tax system for greater economic support.