Congress News: LOWER INDIVIDUAL TAX RATES EYED STARTING JANUARY - TopicsExpress

Congress News: LOWER INDIVIDUAL TAX RATES EYED STARTING JANUARY 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. Rep. Roman T. Romulo (Lone District, Pasig City) said his proposal contained in House Bill 4880 is in line with the country’s commitment to the 10-member ASEAN Economic Community (AEC) Blueprint that seeks to transform ASEAN into a single market and production base by December 2015. He said next to Thailand, the Philippines has the highest tax rate at 32 percent. Romulo said that in order for the country to attract human capital and prevent migration of its own people, it is imperative for the government to reduce the existing income tax rates while maintaining the progressive system of income taxation, as mandated by the 1987 Constitution. (PRIB/rbb)

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