There are several bills now in Congress that seek to reduce the country’s personal income tax rate, which currently ranges from 5 percent for those earning P10,000 a year to 32 percent for employees earning P500,000 and above annually.
Sen. Juan Edgardo Angara has a bill that seeks to lower individual income taxes to 25 percent. Three bills in the House of Representatives, filed by Rep. Rodrigo Abellanosa of Cebu, Rep. Angelina Tan of Quezon and Rep. Magtanggol Guinigundo of Valenzuela City want to lower income taxes to 15 percent.
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