In order to alleviate the crippling financial burden, some lawmakers are proposing to lower the personal and corporate income tax in the Philippines.
Valenzuela Representative Magtanggol Gunigundo proposed in House Bill 4099 to lower the taxes being paid by employees of private and public companies. Also included are the taxes paid by corporations to 15%.
Currently, the corporate income tax in the Philippines is 30%, while the personal income tax is at 32%.
Senator Sonny Angara also proposed the same in Senate Bill 2149.
The only difference is that Angara’s bill provides for a three-year adjustment for personal income tax.
From 32% to 26% in 2016 until it reaches 25% in the year 2017.