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    Sept06.2014 Bhouse Leader Seeks Lower Individual Income Tax Rates Starting January 1, 2016

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    pribhor2
    A House leader is proposing to lower individual income tax rates starting in January 2016 by amending the tax brackets and rates outlined in the national tax code. The proposal would gradually reduce rates over a two year period to balance revenue impacts and make the Philippines more competitive for human capital within the ASEAN Economic Community. Currently, the Philippines has the second highest income tax rate in ASEAN at 32% and this proposal aims to attract investment and prevent migration by reducing rates while keeping a progressive tax system.

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    Sept06.2014 Bhouse Leader Seeks Lower Individual Income Tax Rates Starting January 1, 2016

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    pribhor2
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    A House leader is proposing to lower individual income tax rates starting in January 2016 by amending the tax brackets and rates outlined in the national tax code. The proposal would gradually reduce rates over a two year period to balance revenue impacts and make the Philippines more competitive for human capital within the ASEAN Economic Community. Currently, the Philippines has the second highest income tax rate in ASEAN at 32% and this proposal aims to attract investment and prevent migration by reducing rates while keeping a progressive tax system.

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    House leader seeks lower individual income tax rates starting January 1, 2016

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    sept06.2014 bHouse leader seeks lower individual income tax rates starting January 1, 2016

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    A House leader is proposing to lower individual income tax rates starting in January 2016 by amending the tax brackets and rates outlined in the national tax code. The proposal would gradually reduce rates over a two year period to balance revenue impacts and make the Philippines more competitive for human capital within the ASEAN Economic Community. Currently, the Philippines has the second highest income tax rate in ASEAN at 32% and this proposal aims to attract investment and prevent migration by reducing rates while keeping a progressive tax system.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    27 views2 pages

    Sept06.2014 Bhouse Leader Seeks Lower Individual Income Tax Rates Starting January 1, 2016

    Uploaded by

    pribhor2
    A House leader is proposing to lower individual income tax rates starting in January 2016 by amending the tax brackets and rates outlined in the national tax code. The proposal would gradually reduce rates over a two year period to balance revenue impacts and make the Philippines more competitive for human capital within the ASEAN Economic Community. Currently, the Philippines has the second highest income tax rate in ASEAN at 32% and this proposal aims to attract investment and prevent migration by reducing rates while keeping a progressive tax system.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
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    of 2

    House leader seeks lower individual income tax rates

    starting January 1, 2016


    A House leader is seeking to adjust the individual income tax brackets and reduce
    the rates of individual income tax beginning January 1, 2016
    !e" !oman # !omulo $%one &istrict, 'asig (ity) said his "ro"osal contained in
    House *ill +,,0 is in line -ith the country.s commitment to the 10/member A01A2
    1conomic (ommunity $A1() *lue"rint that seeks to transform A01A2 into a single
    market and "roduction base by &ecember 2013
    45hile the A01A2 *lue"rint does not mandate member countries to amend their
    income tax schedules, it is highly ex"ected that human ca"ital could flo- to -here it could
    earn best,6 said !omulo, chairman of the House (ommittee on Higher and #echnical
    1ducation
    He said next to #hailand, the 'hili""ines has the highest tax rate at 72 "ercent
    5hen the A1( &eclaration -as signed in 2008, some member/states began to lo-er their
    cor"orate and individual income tax rates, -ith further reductions in the subse9uent years
    according to !omulo
    :n order for the country to attract human ca"ital and "revent migration of its o-n
    "eo"le, he said it is im"erative for the government to reduce the existing income tax rates
    -hile maintaining the "rogressive system of income taxation, as mandated by the 1;,8
    (onstitution
    4#he current individual income tax bracket has been unchanged since 1;;8 until
    today -hen the (onsumer 'rice :ndex $(':) has almost doubled already :n order to buffer
    the revenue im"act of the individual income bracket adjustments, and the reduction of
    individual income tax rates, this bill s"reads the reduction over a "eriod of t-o years,6
    said !omulo
    House *ill +,,0, no- "ending at the (ommittee on 5ays and <eans chaired !e"
    !omero =uimbo $2
    nd
    &istrict, <arikina (ity), seeks to amend 0ection 2+ $A)$2) of the
    2ational :nternal !evenue (ode of 1;;8, as amended, so that on !ates of #ax on #axable
    :ncome of :ndividuals, the tax shall be com"uted in accordance -ith and at the rates
    established in the follo-ing schedule>
    NR # 3581B
    SEPT. 6, 2014
    #axable :ncome *eginning
    January 1, 2016
    *eginning
    January 1, 2018
    '20,000 but not over
    '80,000
    17? 10?
    @ver '80,000 but not
    over '200,000
    ';,100 A 1,? of the
    excess over '80,000
    '8,000 A 13? of the
    excess over '80,000
    @ver '200,000 but not
    over '300,000
    '72,300 A 27? of the
    excess over '200,000
    '26,300 A 20? of the
    excess over '200,000
    @ver '300,000 but not
    over ',00,000
    '101,300 A 23? of the
    excess over '300,000
    ',6,300 A 22? of the
    excess over '300,000
    @ver ',00,000 but not
    over '1,200,000
    '186,300 A 2,? of the
    excess over ',00,000
    '132,300 A 23? of the
    excess over ',00,000
    @ver '1,200,000 '2,,,300 A 70? of the
    excess over '1,200,000
    '232,300 A 2,? of the
    excess over '1,200,000
    #he bill "rovides that the 0ecretary of Binance shall "romulgate the necessary rules
    and regulations for the effective im"lementation of the "rovisions of the Act $70) rbb

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