Tag Archives: philippines tax reform package proposal

Angara Nixes Lower House’s Sugary Tax Proposal

Senate Ways and Means Committee chairman Sen. Juan Edgardo Angara said that he would forward a different proposal to the HoR-approved bill on sugar sweetened beverages. The HoR version sought to impose a two-tier system that would charge excise taxes of P10 for beverages that use local sugar and P20 for internationally produced beverages. Angara, however, got support from the Department of Foreign Affairs, Trade, and Finance about the WTO-complications, impracticality, and ineffectiveness of the… Continue reading

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Lower House Approves First Tax Reform Proposal

The House of Representatives finally passed the first tax reform proposal of the Department of Finance. The bill lowers personal income tax rate from 32% to 25% except for the highest income bracket, whose rate has been increased to 35%. To offset this measure, additional taxes will be charged on fuel products, automobiles, and sugary… Continue reading

Finance Officials Urge Passing of Full Tax Reform Proposal

Finance officials warn that passing only parts of the proposed tax reform package might negatively tip the fiscal balance. They note that legislators are open to populist moves like the cutting of tax rates, but opposed to offsetting measures like new levies designed to lead to a net increase in revenues. They hope to thresh out matters when President Rodrigo Duterte meets with congress leaders to map out priority legislation for the year… Continue reading

Tax Reform Proposal Finally Gets Moving

The ways and means committee of the House of Representatives said that it plans to approve the first tax reform package proposed by the administration before the end of the month, and send it to the rest of the body where it would be subjected to more scrutiny before a final voting is conducted. As all tax measures emanate from the House, the Senate can only begin discussion after the lower house passes the bill. The modified proposalContinue reading