Echoing the finance secretary, Angara said in Filipino, "This is to help our countrymen to improve their lives. Business ( Article MRec ), pagematch: 1, sectionmatch: 1The tax reform law exempts those earning an annual taxable income of P250,000 or below. To offset lost money to exemptions in personal income tax, the government is relying on the expansion of the value-added tax base and additional taxes on petroleum products, vehicles and sugar-sweetened beverages, among others. This tax reform will also raise the revenues needed to make real positive change for our people,” Dominguez said. Critics, however, have blasted the new tax law, claiming that it would lead result in higher prices that would most likely affect lower-income families.

Source: Philippine Star December 19, 2017 10:07 UTC