Senate Supports Tax Reform Of incoming President Rodrigo Duterte
Incoming President Rodrogo “Rody” Duterte tax reform supported by Senate. According to Sen. Sony Angara, it should have a widespread reform tax to the coming next administration.
Angara assures greater intensification of the promotion of his proposal to change the tax system at the beginning of the 17th Congress.
Angara first promote the Senate Bill 2149 that aims to lower the tax bill up to 25% of the current 32% tax rate.
Also, the objective of Angara’s proposal is to make the 7 tax brackets to 5 brackets only.
In the report of philstar, Angara also promoted last November to a more comprehensive measure for adjusting the levels of taxable income to carry into account inflation.
Recently, Philippines is the second Asian country that has a higher income tax rate of 32% next to Vietnam and Thailand that employs 35% tax.
Until now, the Aquino government is yet to consider the proposal of Angara for it has the possibility for the government to lose P30B.
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