DOF: Bigger Take-Home Pay Under Marcos’ Tax Relief
Finance Secretary Frederick Go said his department fully supports all the reforms and measures mentioned by President Marcos though they result in loss of revenues.
The proposed tax measures backed by President Marcos, including raising the personal income tax-free coverage and a minimum corporate income tax (MCIT) exemption, would increase take-home pay and provide relief for micro and small enterprises (MSEs), the Department of Finance said on Wednesday, July 29.
Finance Secretary Frederick Go told reporters that it fully supports all the reforms and measures mentioned by Marcos in his State of the Nation Address on Monday, July 27, as far as it relates to the department and its attached agencies.
However, Go said the proposal to raise the annual income tax exemption threshold to P350,000 from P250,000 would likely result in about P60-billion forgone revenue and another P6 billion for the MCIT.
Go said the plan to exempt MSEs from MCIT would benefit more than 78,000 tax-paying MSEs, including small bakeries, cafés, eateries, food stalls, sari-sari stores, repair shops and other family-run enterprises.
Meanwhile, over P841 million in alleged stolen funds from anomalous flood control projects have been recovered by the government, the Department of Justice reported. – With Ghio Ong
