By Justine Irish D. Tabile, Senior Reporter
THE HOUSE Committee on Ways and Means will prioritize legislation implementing President Ferdinand R. Marcos, Jr.’s proposed tax relief, even as analysts questioned how the government plans to offset the estimated revenue losses of at least P50 billion.
Marikina Rep. Romero “Miro” S. Quimbo, who heads the committee, on Tuesday said lawmakers are prepared to immediately advance the administration’s tax agenda outlined during Mr. Marcos’ fifth State of the Nation Address (SONA), including raising the income tax exemption threshold, exempting micro and small businesses from the minimum corporate income tax and granting a broader tax amnesty.
“The effects of inflation over the past years have significantly reduced the purchasing power of Filipino workers. Adjusting the income tax exemption threshold recognizes these realities and ensures that hardworking taxpayers are not unfairly penalized simply because prices have increased,” he said in a statement.
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