Sotto files bill to expand individual income tax exemption
Philippine Senate President Pro Tempore Vicente Sotto III has filed a bill to raise the annual income tax exemption threshold to P350,000 by 2027. The proposal aims to provide relief to workers struggling with rising costs of living.
Why it matters
It addresses economic policy and cost-of-living adjustments for the Filipino workforce in response to global inflationary pressures.
MANILA, Philippines - Senate President Pro Tempore Vicente C. Sotto III has filed a measure which seeks to raise the annual income tax exemption threshold to P350,000, beginning January 1, 2027.Under Senate Bill 2338, or the 'Expanded Income Tax Exemption of 2026,' every taxpayer earning P350,000 or less annually would be fully exempt from paying income tax.The measure follows President…
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