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Wednesday, November 22, 2017

Senate Increased Personal Income Tax Exemption To P250,000


The video above was uploaded January this year. Now, what President Duterte promised during the campaign is now approved by the senate and is ready to be implemented this coming year.  The Senate increased the personal income tax exemption to P250,000, essentially retaining the original proposal of the Department of Finance (DOF) and the House of Representatives under the first package of the tax reform bill.   The Senate ways and means committee initially reduced the personal income tax exemption, with only the first P150,000 annual income exempted from tax, however, Senator Ralph Recto proposed that the exemption be increased to P250,000.  Sponsored Links  The Senate meanwhile has so far retained the P82,000 tax exemptoion for 13th month pay and other bonuses, and the maximum P100,000 additional exemption for up to four dependents. Some 14 senators have submitted their proposed individual amendments to Angara’s committee.  The Senate version of the tax schedule to be implemented effective January 1, 2018: Over 250,000 but not over P400,000 – 20 percent of the excess over P250,000 Over P400,000 but not over P800,000 – P30,000 plus 25 percent of the excess over P400,000 Over 800,000 but not over P2 million – P130,000 plus 30 percent of the excess over P800,000 Over P2 million but not over P8 million – P490,000 plus 32 percent of the excess over P2 million Over P8 million – P2.41 million plus 35 percent of the excess over P8 million  Angara said that such tax scheme, however, will result in a P1-billion revenue loss for the government.  Meanwhile, Angara said the Senate version of the tax reform proposal has exceeded the revenue goal of the DOF. The amended Senate version, he said, would yield P159.5 billion in revenue—a hundred billion more than the previous revenue estimate of P59.9 billion.  The boost in the revenue, Angara said, was significantly sourced from the amendments to the provisions on the expansion of the value-added tax (VAT) base. From the repeal of these  VAT special laws alone, the estimated revenue gained from P14 billion to P45.5 billion.  Another major source of revenue is the doubling of the existing documentary stamp tax rates which will approximately raise P40 billion.  Documentary stamp tax is a tax on documents, instruments, loan agreements and papers evidencing the acceptance, assignment, sale or transfer of an obligation, right or property incident thereto. Source: GMA News  Advertisement Read More:       ©2017 THOUGHTSKOTO
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The video above was uploaded January this year. Now, what President Duterte promised during the campaign is now approved by the senate and is ready to be implemented this coming year.

The Senate increased the personal income tax exemption to P250,000, essentially retaining the original proposal of the Department of Finance (DOF) and the House of Representatives under the first package of the tax reform bill.
The video above was uploaded January this year. Now, what President Duterte promised during the campaign is now approved by the senate and is ready to be implemented this coming year.  The Senate increased the personal income tax exemption to P250,000, essentially retaining the original proposal of the Department of Finance (DOF) and the House of Representatives under the first package of the tax reform bill.   The Senate ways and means committee initially reduced the personal income tax exemption, with only the first P150,000 annual income exempted from tax, however, Senator Ralph Recto proposed that the exemption be increased to P250,000.  Sponsored Links  The Senate meanwhile has so far retained the P82,000 tax exemptoion for 13th month pay and other bonuses, and the maximum P100,000 additional exemption for up to four dependents. Some 14 senators have submitted their proposed individual amendments to Angara’s committee.  The Senate version of the tax schedule to be implemented effective January 1, 2018: Over 250,000 but not over P400,000 – 20 percent of the excess over P250,000 Over P400,000 but not over P800,000 – P30,000 plus 25 percent of the excess over P400,000 Over 800,000 but not over P2 million – P130,000 plus 30 percent of the excess over P800,000 Over P2 million but not over P8 million – P490,000 plus 32 percent of the excess over P2 million Over P8 million – P2.41 million plus 35 percent of the excess over P8 million  Angara said that such tax scheme, however, will result in a P1-billion revenue loss for the government.  Meanwhile, Angara said the Senate version of the tax reform proposal has exceeded the revenue goal of the DOF. The amended Senate version, he said, would yield P159.5 billion in revenue—a hundred billion more than the previous revenue estimate of P59.9 billion.  The boost in the revenue, Angara said, was significantly sourced from the amendments to the provisions on the expansion of the value-added tax (VAT) base. From the repeal of these  VAT special laws alone, the estimated revenue gained from P14 billion to P45.5 billion.  Another major source of revenue is the doubling of the existing documentary stamp tax rates which will approximately raise P40 billion.  Documentary stamp tax is a tax on documents, instruments, loan agreements and papers evidencing the acceptance, assignment, sale or transfer of an obligation, right or property incident thereto. Source: GMA News  Advertisement Read More:       ©2017 THOUGHTSKOTO


The Senate ways and means committee initially reduced the personal income tax exemption, with only the first P150,000 annual income exempted from tax, however, Senator Ralph Recto proposed that the exemption be increased to P250,000.
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The video above was uploaded January this year. Now, what President Duterte promised during the campaign is now approved by the senate and is ready to be implemented this coming year.  The Senate increased the personal income tax exemption to P250,000, essentially retaining the original proposal of the Department of Finance (DOF) and the House of Representatives under the first package of the tax reform bill.   The Senate ways and means committee initially reduced the personal income tax exemption, with only the first P150,000 annual income exempted from tax, however, Senator Ralph Recto proposed that the exemption be increased to P250,000.  Sponsored Links  The Senate meanwhile has so far retained the P82,000 tax exemptoion for 13th month pay and other bonuses, and the maximum P100,000 additional exemption for up to four dependents. Some 14 senators have submitted their proposed individual amendments to Angara’s committee.  The Senate version of the tax schedule to be implemented effective January 1, 2018: Over 250,000 but not over P400,000 – 20 percent of the excess over P250,000 Over P400,000 but not over P800,000 – P30,000 plus 25 percent of the excess over P400,000 Over 800,000 but not over P2 million – P130,000 plus 30 percent of the excess over P800,000 Over P2 million but not over P8 million – P490,000 plus 32 percent of the excess over P2 million Over P8 million – P2.41 million plus 35 percent of the excess over P8 million  Angara said that such tax scheme, however, will result in a P1-billion revenue loss for the government.  Meanwhile, Angara said the Senate version of the tax reform proposal has exceeded the revenue goal of the DOF. The amended Senate version, he said, would yield P159.5 billion in revenue—a hundred billion more than the previous revenue estimate of P59.9 billion.  The boost in the revenue, Angara said, was significantly sourced from the amendments to the provisions on the expansion of the value-added tax (VAT) base. From the repeal of these  VAT special laws alone, the estimated revenue gained from P14 billion to P45.5 billion.  Another major source of revenue is the doubling of the existing documentary stamp tax rates which will approximately raise P40 billion.  Documentary stamp tax is a tax on documents, instruments, loan agreements and papers evidencing the acceptance, assignment, sale or transfer of an obligation, right or property incident thereto. Source: GMA News  Advertisement Read More:       ©2017 THOUGHTSKOTO
The Senate meanwhile has so far retained the P82,000 tax exemptoion for 13th month pay and other bonuses, and the maximum P100,000 additional exemption for up to four dependents. Some 14 senators have submitted their proposed individual amendments to Angara’s committee.

The Senate version of the tax schedule to be implemented effective January 1, 2018:
Over 250,000 but not over P400,000 – 20 percent of the excess over P250,000
Over P400,000 but not over P800,000 – P30,000 plus 25 percent of the excess over P400,000
Over 800,000 but not over P2 million – P130,000 plus 30 percent of the excess over P800,000
Over P2 million but not over P8 million – P490,000 plus 32 percent of the excess over P2 million
Over P8 million – P2.41 million plus 35 percent of the excess over P8 million
The video above was uploaded January this year. Now, what President Duterte promised during the campaign is now approved by the senate and is ready to be implemented this coming year.  The Senate increased the personal income tax exemption to P250,000, essentially retaining the original proposal of the Department of Finance (DOF) and the House of Representatives under the first package of the tax reform bill.   The Senate ways and means committee initially reduced the personal income tax exemption, with only the first P150,000 annual income exempted from tax, however, Senator Ralph Recto proposed that the exemption be increased to P250,000.  Sponsored Links  The Senate meanwhile has so far retained the P82,000 tax exemptoion for 13th month pay and other bonuses, and the maximum P100,000 additional exemption for up to four dependents. Some 14 senators have submitted their proposed individual amendments to Angara’s committee.  The Senate version of the tax schedule to be implemented effective January 1, 2018: Over 250,000 but not over P400,000 – 20 percent of the excess over P250,000 Over P400,000 but not over P800,000 – P30,000 plus 25 percent of the excess over P400,000 Over 800,000 but not over P2 million – P130,000 plus 30 percent of the excess over P800,000 Over P2 million but not over P8 million – P490,000 plus 32 percent of the excess over P2 million Over P8 million – P2.41 million plus 35 percent of the excess over P8 million  Angara said that such tax scheme, however, will result in a P1-billion revenue loss for the government.  Meanwhile, Angara said the Senate version of the tax reform proposal has exceeded the revenue goal of the DOF. The amended Senate version, he said, would yield P159.5 billion in revenue—a hundred billion more than the previous revenue estimate of P59.9 billion.  The boost in the revenue, Angara said, was significantly sourced from the amendments to the provisions on the expansion of the value-added tax (VAT) base. From the repeal of these  VAT special laws alone, the estimated revenue gained from P14 billion to P45.5 billion.  Another major source of revenue is the doubling of the existing documentary stamp tax rates which will approximately raise P40 billion.  Documentary stamp tax is a tax on documents, instruments, loan agreements and papers evidencing the acceptance, assignment, sale or transfer of an obligation, right or property incident thereto. Source: GMA News  Advertisement Read More:       ©2017 THOUGHTSKOTO
Angara said that such tax scheme, however, will result in a P1-billion revenue loss for the government.

Meanwhile, Angara said the Senate version of the tax reform proposal has exceeded the revenue goal of the DOF. The amended Senate version, he said, would yield P159.5 billion in revenue—a hundred billion more than the previous revenue estimate of P59.9 billion.
The video above was uploaded January this year. Now, what President Duterte promised during the campaign is now approved by the senate and is ready to be implemented this coming year.  The Senate increased the personal income tax exemption to P250,000, essentially retaining the original proposal of the Department of Finance (DOF) and the House of Representatives under the first package of the tax reform bill.   The Senate ways and means committee initially reduced the personal income tax exemption, with only the first P150,000 annual income exempted from tax, however, Senator Ralph Recto proposed that the exemption be increased to P250,000.  Sponsored Links  The Senate meanwhile has so far retained the P82,000 tax exemptoion for 13th month pay and other bonuses, and the maximum P100,000 additional exemption for up to four dependents. Some 14 senators have submitted their proposed individual amendments to Angara’s committee.  The Senate version of the tax schedule to be implemented effective January 1, 2018: Over 250,000 but not over P400,000 – 20 percent of the excess over P250,000 Over P400,000 but not over P800,000 – P30,000 plus 25 percent of the excess over P400,000 Over 800,000 but not over P2 million – P130,000 plus 30 percent of the excess over P800,000 Over P2 million but not over P8 million – P490,000 plus 32 percent of the excess over P2 million Over P8 million – P2.41 million plus 35 percent of the excess over P8 million  Angara said that such tax scheme, however, will result in a P1-billion revenue loss for the government.  Meanwhile, Angara said the Senate version of the tax reform proposal has exceeded the revenue goal of the DOF. The amended Senate version, he said, would yield P159.5 billion in revenue—a hundred billion more than the previous revenue estimate of P59.9 billion.  The boost in the revenue, Angara said, was significantly sourced from the amendments to the provisions on the expansion of the value-added tax (VAT) base. From the repeal of these  VAT special laws alone, the estimated revenue gained from P14 billion to P45.5 billion.  Another major source of revenue is the doubling of the existing documentary stamp tax rates which will approximately raise P40 billion.  Documentary stamp tax is a tax on documents, instruments, loan agreements and papers evidencing the acceptance, assignment, sale or transfer of an obligation, right or property incident thereto. Source: GMA News  Advertisement Read More:       ©2017 THOUGHTSKOTO
The boost in the revenue, Angara said, was significantly sourced from the amendments to the provisions on the expansion of the value-added tax (VAT) base. From the repeal of these  VAT special laws alone, the estimated revenue gained from P14 billion to P45.5 billion.

Another major source of revenue is the doubling of the existing documentary stamp tax rates which will approximately raise P40 billion.

Documentary stamp tax is a tax on documents, instruments, loan agreements and papers evidencing the acceptance, assignment, sale or transfer of an obligation, right or property incident thereto.
Source: GMA News
The video above was uploaded January this year. Now, what President Duterte promised during the campaign is now approved by the senate and is ready to be implemented this coming year.  The Senate increased the personal income tax exemption to P250,000, essentially retaining the original proposal of the Department of Finance (DOF) and the House of Representatives under the first package of the tax reform bill.   The Senate ways and means committee initially reduced the personal income tax exemption, with only the first P150,000 annual income exempted from tax, however, Senator Ralph Recto proposed that the exemption be increased to P250,000.  Sponsored Links  The Senate meanwhile has so far retained the P82,000 tax exemptoion for 13th month pay and other bonuses, and the maximum P100,000 additional exemption for up to four dependents. Some 14 senators have submitted their proposed individual amendments to Angara’s committee.  The Senate version of the tax schedule to be implemented effective January 1, 2018: Over 250,000 but not over P400,000 – 20 percent of the excess over P250,000 Over P400,000 but not over P800,000 – P30,000 plus 25 percent of the excess over P400,000 Over 800,000 but not over P2 million – P130,000 plus 30 percent of the excess over P800,000 Over P2 million but not over P8 million – P490,000 plus 32 percent of the excess over P2 million Over P8 million – P2.41 million plus 35 percent of the excess over P8 million  Angara said that such tax scheme, however, will result in a P1-billion revenue loss for the government.  Meanwhile, Angara said the Senate version of the tax reform proposal has exceeded the revenue goal of the DOF. The amended Senate version, he said, would yield P159.5 billion in revenue—a hundred billion more than the previous revenue estimate of P59.9 billion.  The boost in the revenue, Angara said, was significantly sourced from the amendments to the provisions on the expansion of the value-added tax (VAT) base. From the repeal of these  VAT special laws alone, the estimated revenue gained from P14 billion to P45.5 billion.  Another major source of revenue is the doubling of the existing documentary stamp tax rates which will approximately raise P40 billion.  Documentary stamp tax is a tax on documents, instruments, loan agreements and papers evidencing the acceptance, assignment, sale or transfer of an obligation, right or property incident thereto. Source: GMA News  Advertisement Read More:       ©2017 THOUGHTSKOTO
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