The Department of Finance (DoF) said various organizations are backing the “long-overdue” reforms in personal income tax (PIT) rates and other measures under the proposed Comprehensive Tax Reform Program. “We fully support the lowering of the personal income tax. It’s just right that we reduce the tax rate and widen the taxable income brackets to address the so-called bracket creep. And this will also correct some of the inefficiencies and inequities in our present tax system,” Rodriguez said. The Institute for Labor Studies (ILS), an attached agency of the Department of Labor and Employment (DoLE) also supports HB 4774.

Source: Manila Times March 14, 2017 17:15 UTC