Ordinary Filipino workers will increase their take home income this New Year due to a lower PIT under the Tax Reform for Acceleration and Inclusion, or “Train,” law (Republic Act 10963), the chairman of the House Committee on Ways and Means said.
ORDINARY Filipino workers will increase their take home income this New Year due to a lower personal income tax under the Tax Reform for Acceleration and Inclusion, or “Train,” law , the chairman of the House Committee on Ways and Means said.
“The Train Law PIT cut will be equivalent to around 5 percent in gross income in added take home pay,” Salceda said. “That’s around half a month’s worth of additional disposable income.” “It will increase disposable income for Filipino families by around P32 billion by our emerging estimates. That will boost consumer spending and also leave some room for savings for home ownership,” Salceda added.
“From 30 percent, their taxes go down to around 15 percent if the Philippines’ reduced rates are imposed on them instead. That’s a two-month bonus,” the lawmaker explained.
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