Delays in the passage of the primary tax reform package deal slashing private revenue taxes will jeopardize the anticipated larger Christmas and 13th-month pay for wage earners, House senior deputy minority chief and Buhay partylist Rep. Lito Atienza warned Sunday.
The House of Representatives has handed the invoice, however the Senate is taking its time on the measure, which may also introduce new taxes on petroleum merchandise and sweetened drinks.
“With all due respect, the Senate should just put in whatever modifications they want and pass the tax reform bill. After all, President Duterte has certified the measure,” mentioned Atienza.
“Once the Senate approves the bill, we can leave it all up to the bicameral conference committee to thresh out the final version of the measure for ratification,” Atienza mentioned.
Besides slashing particular person revenue tax charges and liberating all private revenue as much as P250,000 from taxes, Atienza mentioned the invoice additionally will increase from P82,000 to P100,000 the utmost quantity of tax-exempt 13th month pay and different bonuses that could be acquired by workers yearly.
“The personal income tax cuts will put an extra P141 billion in the paychecks of salaried employees as a result of reduced withholding taxes,” Atienza mentioned.