Home > United Nations Online Network in Public Administration and Finance (UNPAN)
1. Global
Global
2. Africa
Africa
3. Arab States
Arab States
4. Asia & Pacific
Asia & Pacific
5. Europe
Europe
6. Latin America & Caribbean
Latin America & Caribbean
7. North America
North America
UNPAN Asia & Pacific




Public Administration News  
Share
Lawmakers agree not to tax low wage earners
Source: http://www.manilatimes.net/lawmakers-agree-not-tax-low-wage-earners/366568/
Source Date: Monday, December 04, 2017
Focus: ICT for MDGs, Citizen Engagement
Country: Philippines
Created: Dec 04, 2017

Sen. Juan Edgardo “Sonny” Angara, chairman of the Senate Ways and Means Committee, said contingents from the two chambers have started discussions to unify the proposed tax reform package and come up with a final version by December 5.

Angara said while there are a number of contentious provisions in the Train bill, lawmakers were able to agree on some important provisions that would benefit millions of taxpayers.

Among them are the grant of tax exemption to those whose annual income is P250,000 or below, the lowering of estate tax to six percent for properties worth P10 million and below, and value added tax exemption on lease not exceeding P15,000 and condominium dues.


Lawmakers also agreed to impose a 35 percent tax on those who earn P8 million or more annually.

“We agreed in the bicam to impose bigger taxes to the rich from 32 percent to 35 percent,” Angara said in a radio interview.

As for estate tax, the senator said they agreed to lower the rate from 20 percent to six percent of the value of property being transferred up to P10 million.

Angara explained the high estate tax has led families to delay settling the estate, resulting in huge penalties and surcharges.

Angara said a lot of contentious provisions are yet to be discussed, such as the proposed increase on the rate of tax exemption on the 13th month and other bonuses from P82,000 to P100,000; quarterly filing of VAT and percentage tax instead of monthly; and VAT exemption for houses outside Metro Manila amounting to P2 million.

News Home

 Tag This
 Tell A Friend
 Favorite
del.icio.us digg this Slashdot
Rate:
0 ratings
Views: 39

Comments: 0 Favorited: 0 Bookmarked: 0 Tagged: 0



0 Comments | Login to add comment

Site map | FAQs | Terms and Privacy | Contact Us
Copyright 2008-2010 by UNPAN - United Nations Public Administration Network