MANILA, Philippines - A bill reducing individual and personal income taxes is set for approval by the House committee on ways and means next week.
Marikina Rep. Romero Quimbo, who chairs the panel, said yesterday the committee would come up with a consolidated bill from several measures after 11 public hearings.
Quimbo said they are eyeing the bill’s approval on third and final reading in October.
“Tax brackets have remained unchanged since 1997 and have not been adjusted to inflation… Workers’ salaries have been adjusted for inflation, but tax brackets remain frozen. A vast number of workers have been pushed to higher brackets, thus paying higher tax rates,” he said.
“The simpler the tax bracket the simpler the competition the easier for compliance,” he added.
The measure seeks to reform the income tax system for compensation income earners, self-employed and professionals and corporations through simplification of tiers and rates and indexation to inflation.