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Congress set to discuss tax reform bill

Photo credit: @betterbuwis Facebook Page
Photo credit: @betterbuwis Facebook Page

The proposed tax reform bill will soon make its way to Congress as it is set to be discussed by the House Ways and Means Committee.

The Tax Reform Bill aims to lower current income tax rate but will impose additional tax on petroleum products. Congress targets to implement the said bill this year.

The Tax Reform package under House Bill 4774 is being presented by Ways and Means Committee Chairman Dakila Carlos Cua, which is based on the proposal of the Department of Finance.

Part of the Tax Reform bill is the Duterte administration’s proposal to lower the income tax, depending on the salary bracket of the employee.

The said bill also includes the imposing of excise tax in all petroleum products, which they plan to implement slowly until January 2019.

For this year, the excise tax for premium and unleaded gas per liter will be Php7, Php9 for 2018, and Php10 in 2019.

For Diesel and LPG, there will be an additional Php3 per liter this year, Php5 for 2018 and Php6 in 2019.

In the Tax Reform Package, there won’t be any VAT exemption for senior citizens and persons with disabilities, which was previously lobbied by the Finance Department.

 

 

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