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MANILA, Philippines (Updated 7:13 p.m.) — Making the first major legislative request of his State of the Nation Address, President Ferdinand Marcos Jr. called on Congress to widen tax relief for the middle class.
In his annual report on Monday, July 27, Marcos proposed exempting workers earning up to P350,000 a year from income tax and cutting rates for those earning more.
The current income tax exemption threshold is P250,000 a year.
“Hindi natin kalilimutan ang ating mga manggagawang Pilipino lalo na ang mga middle class pati na ang mga maliliit na negosyo,” Marcos said.
(“We will not forget our Filipino workers, especially the middle class, as well as small businesses.”)
He said these sectors continue to feel the effects of recent crises, particularly the rise in prices due to the conflict between Iran and the United States and Israel.
Marcos said the tax relief measures should help workers keep more of their hard-earned income.
“Kaya bilang natatanging proteksyon sa kanila at para mas mapakinabangan nila ang pinaghirapan nilang kita, nananawagan ako sa Kongreso upang maipasa ang batas na magbibigay ng bahagyang ginhawa para sa ating bayaring buwis,” Marcos said.
(“So as special protection for them and so they can better benefit from the income they worked hard for, I call on Congress to pass a law that will give some relief from our tax payments.”)
Relief for businesses, unpaid taxes
Marcos also called for small businesses to be exempt from the minimum corporate income tax.
He proposed tax amnesty for unpaid income tax, estate and donor’s tax, and value-added tax.
“Kasama na rin diyan ang mga multa na kaakibat ng mga ito,” he said.
(“The penalties attached to these are also included.”)
Earlier this year, Senate President Sherwin Gatchalian pushed for the proposed GINHAWA bill, which seeks to raise the income tax exemption threshold from P250,000 to P400,000 a year. — Camille Diola with Cristina Chi, Martin Ramos
