Speaker: Income tax cut not possible in current admin
MANILA, Philippines - House Speaker Feliciano "Sonny" Belmonte Jr. on Thursday said the 16th Congress is unlikely to pass the income tax reform bill as it only has a few days left in its regular session.
However, Belmonte added that the proposed measure's passage into law might be possible in the next administration.
View the proposed measure here.
During a press conference, the House Speaker told members of the press that the income tax reform bill must be the first agenda of the incoming administration.
According to a report, President Benigno Aquino III earlier scolded his close allies in the House for pushing the said bill that seeks to reduce income taxes.
READ: P-Noy scolds allies for pressing income tax cut
Despite Aquino's opposition, Belmonte assured that the lawmakers in the House would continue to push for the passage of the bill.
Malacañang strongly opposes the income tax reform law as it would also lower government revenues, adding that the government will only be willing to lower income taxes if the Congress passes a law that will lift bank secrecy for tax purposes.
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