Senator Mark Villar has filed a bill seeking to raise the annual income tax exemption ceiling from P250,000 to P360,000.
Villar said the measure aims to give Filipino workers bigger take-home pay amid rising prices of food, fuel, electricity, and other basic goods.
Under the proposal, individuals earning up to P360,000 yearly will no longer pay income tax.
The bill also seeks to adjust income tax brackets to better reflect inflation and current economic conditions.
“Mas malaking bahagi ng kanilang kinikita ang maiuuwi nila para sa pang-araw-araw na pangangailangan ng kanilang pamilya,” Villar said.IMT
