House prodded on income tax cut
Senate President Aquilino “Koko” Pimentel III said the Senate ways and means committee, chaired by Sen. Juan Edgardo Angara, cannot make significant progress on the reduction of personal income tax as all tax bills must emanate from the House according to the Constitution. Senate PRIB/Joseph Vidal
MANILA, Philippines – Senate President Aquilino “Koko” Pimentel III is prodding his colleagues in the House of Representatives to speed up the passage of the proposal to reduce individual income tax.
Pimentel said he considers reducing personal income tax as an “emergency” that must be immediately addressed by Congress.
“I’m making a personal request to the House to fast-track the income tax reform bill. Either they reduce the rate or do some re-bracketing,” he said in a telephone interview.
“This (reduction in individual income tax) is long sought by our fixed-income earners,” he said.
Pimentel said the Senate ways and means committee, chaired by Sen. Juan Edgardo Angara, cannot make significant progress on the reduction of personal income tax as all tax bills must emanate from the House according to the Constitution.
Angara said it has been two decades since the country’s tax system was reformed or since the enactment of the Comprehensive Tax Reform Program under the Ramos administration in 1997.
“Leaving our tax system fundamentally unchanged through the years has had some very real consequences, especially on the lives of hardworking Filipinos and our national competitiveness,” Angara said, adding the world economy has changed much in the last 20 years.
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