Marcos wants tax relief for middle class this year
Philippine President Ferdinand Marcos Jr. is pushing for the 'Progress Bill' to provide tax relief to middle-class workers by raising the income tax threshold. The government plans to offset the resulting revenue loss by increasing excise taxes on luxury and sin products.
Why it matters
The proposed reform aims to address declining purchasing power for middle-income earners amidst economic shifts.
MANILA, Philippines - President Ferdinand Marcos Jr. is pushing for the passage this year of the proposed tax reforms that would provide tax relief for the middle class, Malaca ang announced on Tuesday, August 4.
The tax reform, which the Department of Finance (DOF) calls the "Progress Bill," proposes raising the income tax threshold to P350,000, expanding sin and wealth taxes to compensate for the expected revenue losses, and imposing higher wealth taxes.
During a press briefing on Tuesday, Palace Press Officer Claire Castro said Marcos is aware that the Department of Finance (DOF) is currently working on the Progress Bill and wants it passed as soon as possible.
"Kasalukuyan itong binubusisi ng DOF kasi nais po ng pangulo na ito ay maipasa sa pinakamabilis na panahon," Castro said. "Ang nais po sana ng pangulo ngayong taon."
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