PASSAGE OF COMPREHENSIVE TAX REFORM PACKAGE BY JUNE PUSHED
Noting the recent decision of the Supreme Court against the pro-rated application to taxable year 2008 of R.A. 9504 on new personal and additional exemptions, I urge my colleagues in Congress to swiftly act on the proposed and pending Comprehensive Tax Reform Program, of which I am a co-author.
The Supreme Court said because RA 9504 took effect before the close of the taxable year of 2008, the new rates of personal and additional exemptions applied also to 2008.
If this taxable year of 2017 Congress is able to approve by June the CTRP, including the new and lower personal income tax rates, employers can quickly recompute the tax component of salary deductions, thereby giving private sector and government employees higher take-home pay.
The 763,000 public school teachers nationwide, the thousands more in the state universities and colleges, as well as regular TESDA and CHED personnel, represent perhaps the biggest chunk of fixed income taxpayers in our country today.
Filipino households would immediately feel the impact of CTRP as a major reform measure.
More money in their pockets, wallets and bank accounts means consumer spending and savings-both of which will have positive impact on the national economy.
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