Labor Group Pushes for Higher Income Tax Exemption Ceiling Amid Rising Costs
A Philippine labor group is urging the government to raise the annual income tax exemption ceiling from P350,000 to P500,000-P600,000, citing the escalating cost of basic goods and services. The move aims to increase disposable income for citizens and alleviate household financial burdens.
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- Philippines: 1.2M Workers to See Higher Take-Home Pay with Increased Tax-Exempt Ceiling
The Philippine government is pushing for a bill to raise the personal income tax exemption ceiling to P350,000 annually. This move is expected to benefit an additional 1.2 million workers by freeing them from income tax, potentially increasing their take-home pay by up to P15,000 per year. The Department of Finance estimates a revenue loss of P60 billion, which they plan to offset through increased excise taxes.