House Committee on Ways & Means drafting billon lower income tax rates
The House Committee on Ways and Means is currently drafting a bill on the reduction of income taxes for both individuals and corporations.Rep. Romero “Miro” uimbo !"
#istrict$ Mari%ina City&$ committee chairman$ said the committee has been 'or%ing 'ith the (ational Tax Research Center !(TRC& in crafting the bill$ and its filing 'ill be done in coordination 'ith )en. *uan +dgardo ,ngara$ chairman of the )enate Committee on Ways and Means.“We-ve been 'or%ing on this the last three 'ee%s 'ith the (TRC. This bill 'ill be the mother bill to be ta%en up. t is being filed in coordination 'ith the chair of the )enate-s committee on 'ays and means$ )en. )onny ,ngara$” said uimbo.He said the Technical Wor%ing /roup !TW/& of the House committee on 'ays and means is still finali0ing the appropriate rates for the income tax reduction.uimbo said the ob1ective in 'or%ing for the reduction of income tax rates is in line 'ith the inclusive gro'th agenda of 2resident ,3uino.“The ob1ective is to carry out the 2resident4s vision to have a gro'th that4s inclusive$” said uimbo.n his fourth )tate of the (ation ,ddress !)5(,& last year$ 2resident ,3uino highlighted the government-s commitment to attain inclusive gro'th for the 6ilipinos by creating more economic opportunities for them. “5ur strategy is to maximi0e opportunities for all$ especially for those most in need. What 'e call inclusive gro'th is the principle that drives every initiative$ every action and every decision of your government$” the 2resident said.T'o bills have so far been filed at the House see%ing to cut income tax rates. 7ast March 89$ Rep. Magtanggol /unigundo !"
#istrict$ :alen0uela City& filed House ;ill <9== see%ing to lo'er individual and corporate income tax rates to 8> percent from the current ?" percent and ?9 percent$ respectively.Mean'hile$ Rep. )alvacion 2once +nrile !8
#istrict$ Cagayan& last year filed House ;ill "89 see%ing to reduce income tax rates of individuals 'ith taxable income amounting to 289$999 to over 28" million.2once +nrile said her bill intends to 1umpstart the economy by empo'ering the consumer 'ith more purchasing po'er 'hich can be done by increasing their ta%e home pay through lo'er tax rates and hence$ lo'er deductions from their income.Mean'hile at the )enate$ ,ngara filed last 6ebruary "@ )enate ;ill (o. "8<= see%ing to ad1ust individual income tax brac%ets and lo'er the rates on individual income tax starting *anuary "98>. t see%s to lo'er tax rates to 89 percent from 8> percent for those earning bet'een 2"9$999 to 2@9$999 and to "> percent from the current ?" percent for those earning over 28 million.
NR # 3417CMARCH 26, 2014