Defer income tax cuts, impose new taxes

THE next government should postpone scheduled personal income tax cuts, impose new taxes and remove certain tax exemptions if it is to keep the economy growing and manage the record debt it will inherit from the Duterte administration, the Department of Finance (DoF) said on Wednesday.

In a briefing, Finance Undersecretary Valery Joy Brion said that a second tranche of personal income tax cuts set to take effect next year should be moved to 2026, adding that this would lead to P97.7 billion in annual savings. The tax cuts, primarily aimed at working Filipinos, are mandated under the 2017 Tax Reform for Acceleration and Inclusion (Train) law.