THE Department of Finance wants Congress to restore the simplified net-income tax scheme (Snits) for professionals and the self-employed and expand the tax scheme to include corporations as well.
In a draft bill, a copy of which was faxed to The Manila Times, the finance department said reviving Snits, which was abolished when the Tax Reform Act of 1997 took effect on January 1, 1998, would broaden the income-tax base and boost tax revenues.
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