THE Social Security Commission (SSC) fully supports of the proposed Comprehensive Tax Reform Program (CTRP) to make the country’s taxation simpler, fairer and more efficient. Chua hopes that the House of Representatives would pass the tax reform measure before the legislature adjourns on June 2. The tax for those above the VAT threshold is based on the 30 percent corporate income tax rate with minimum tax, Cua said. The automobile excises were given five brackets under the substitute bill, which also set a two-year phase-in period of implementation, he said. Pickups are exempted under the substitute bill, as well as hybrid cars that can run 30 kilometers on a single charge.

Source: Manila Times May 23, 2017 16:18 UTC