The Department of Finance (DoF) said various organizations are backing the “long-overdue” reforms in personal income tax (PIT) rates and other measures under the proposed Comprehensive Tax Reform Program.
The tax reform package, as contained in House Bill (HB) 4774, aims to lower PIT rates from 32 percent to 25 percent, except for the ultra-rich, and exempt compensation earners with a net taxable income of P250,000 and below from paying an income tax.
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