First Tax Reform Measure Finally Passes House First Reading

The first tax reform package finally passed first reading in the House of Representatives. The bill includes the reduction of personal income tax rate for most taxpayers, reduction of VAT exemptions, higher excise tax for refined petroleum products, and higher excise tax for automobiles. The House is also considering slapping additional tax for sugar-sweetened beverages and carbonated drinks. The measure will now go to the House…

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