The Tax Reform Bill has been approved by the House Committee on Ways and Means.
Due to this decision, the Department of Finance hopes that the Substitute Tax Reform Bill will be passed by the Plenary before the adjournment of the Congress this June 2.
The bill proposes to decrease the personal income tax rates based on the consumer price index inflation for every three years.
The provisions of the Act also increases the excise tax for petroleum products, except Liquefied Petroleum Gas.
However, the increase on the excise tax will be implemented through staggered basis from 2018 to 2020.