House leader seeks lower individual income tax rates

starting January 1, 2016

A House leader is seeking to adjust the individual income tax brackets and reduce
the rates of individual income tax beginning January 1, 2016
!e" !oman # !omulo $%one &istrict, 'asig (ity) said his "ro"osal contained in
House *ill +,,0 is in line -ith the country.s commitment to the 10/member A01A2
1conomic (ommunity $A1() *lue"rint that seeks to transform A01A2 into a single
market and "roduction base by &ecember 2013
45hile the A01A2 *lue"rint does not mandate member countries to amend their
income tax schedules, it is highly ex"ected that human ca"ital could flo- to -here it could
earn best,6 said !omulo, chairman of the House (ommittee on Higher and #echnical
1ducation
He said next to #hailand, the 'hili""ines has the highest tax rate at 72 "ercent
5hen the A1( &eclaration -as signed in 2008, some member/states began to lo-er their
cor"orate and individual income tax rates, -ith further reductions in the subse9uent years
according to !omulo
:n order for the country to attract human ca"ital and "revent migration of its o-n
"eo"le, he said it is im"erative for the government to reduce the existing income tax rates
-hile maintaining the "rogressive system of income taxation, as mandated by the 1;,8
(onstitution
4#he current individual income tax bracket has been unchanged since 1;;8 until
today -hen the (onsumer 'rice :ndex $(':) has almost doubled already :n order to buffer
the revenue im"act of the individual income bracket adjustments, and the reduction of
individual income tax rates, this bill s"reads the reduction over a "eriod of t-o years,6
said !omulo
House *ill +,,0, no- "ending at the (ommittee on 5ays and <eans chaired !e"
!omero =uimbo $2
nd
&istrict, <arikina (ity), seeks to amend 0ection 2+ $A)$2) of the
2ational :nternal !evenue (ode of 1;;8, as amended, so that on !ates of #ax on #axable
:ncome of :ndividuals, the tax shall be com"uted in accordance -ith and at the rates
established in the follo-ing schedule>
NR # 3581B
SEPT. 6, 2014
#axable :ncome *eginning
January 1, 2016
*eginning
January 1, 2018
'20,000 but not over
'80,000
17? 10?
@ver '80,000 but not
over '200,000
';,100 A 1,? of the
excess over '80,000
'8,000 A 13? of the
excess over '80,000
@ver '200,000 but not
over '300,000
'72,300 A 27? of the
excess over '200,000
'26,300 A 20? of the
excess over '200,000
@ver '300,000 but not
over ',00,000
'101,300 A 23? of the
excess over '300,000
',6,300 A 22? of the
excess over '300,000
@ver ',00,000 but not
over '1,200,000
'186,300 A 2,? of the
excess over ',00,000
'132,300 A 23? of the
excess over ',00,000
@ver '1,200,000 '2,,,300 A 70? of the
excess over '1,200,000
'232,300 A 2,? of the
excess over '1,200,000
#he bill "rovides that the 0ecretary of Binance shall "romulgate the necessary rules
and regulations for the effective im"lementation of the "rovisions of the Act $70) rbb