Nelson Morales

Revenue officers stamp tax documents at the Bureau of Internal Revenue Office  (Regional District Office 7) in Quezon City on Monday. The Tax Bureau reminded taxpayers that  there will be no extensions in processing annual taxes, as business representatives submit required documents on the last day of filing. Jonathan Cellona, ABS-CBN News

Article (news)

Marcos seeks tax relief for individuals, small businesses

Arthur Fuentes

ABS-CBN News

MANILA  — President Ferdinand Marcos Jr. called for higher tax exemptions for individuals, and a waiver of the corporate income tax for small businesses during his fifth State of the Nation Address on Monday. &quot;So, to ensure the continued progress of the middle class amidst the lingering effects of the crisis, we will pursue tax relief measures that promote growth, generate revenue, and advance equity toward socio-economic sustainability,&quot; Marcos said. Marcos called on Congress to pass a bill that will exempt workers earning not more than P350,000 per year from paying income taxes. Taxes for workers in other income brackets will also be adjusted, Marcos said.Small businesses will also no longer be required to pay the minimum corporate income tax.Marcos also called for granting amnesty those who were unable to pay income taxes, estate taxes, donor taxes and the value added tax.“Kasama na rin dyan ang mga multa na kaakibat ng mga ito (This includes the corresponding fines),” Marcos said. Economists and tax experts have been calling on the government to adjust exemptions and income tax rates, especially for the middle class who have been described as overtaxed and underserved, especially with surging inflation.

Marcos called on Congress to pass a bill that will exempt workers earning not more than P350,000 per year from paying income taxes.

Marcos called on Congress to pass a bill that will exempt workers earning not more than P350,000 per year from paying income taxes.