House, Senate agree to tax-exempt P250k annual income starting 2018
MANILA, Philippines – Both houses of Congress have agreed to exempt from income tax payment annual earnings of up to P250,000 to increase the take-home pay of workers.
This was among the provisions agreed upon by the House and the Senate contingents at the first bicameral conference committee meeting on the proposed tax reform package, Senate ways and means committee chair Juan Edgardo Angara said on Saturday, December 2.
According to the senator, the bicam approved the following income tax schedule for 2018:
The income tax scheme for 2019 onwards is yet to be finalized.
Lawmakers will continue the “difficult” task of finalizing the Tax Reform for Acceleration and Inclusion (TRAIN) bill until Tuesday, December 5.
The work is cut out for the legislators, because the House and the Senate have different proposed tax rates on automobiles, sugar-sweetened beverages, and fuel. The Senate version proposes lower levies as well.
District representatives are also contesting the senators’ removal of P50 billion from the budget of the Department of Public Works and Highways budget. (READ: Alvarez to Senate: Restore P50B or we have reenacted budget for 2018)
The House also opposed Senate's realignment of the P900-million allocation for Oplan Double Barrel project of the Philippine National Police to housing projects for police and military. – Rappler.com