President Bongbong Marcos called on Congress to expand the income tax exemption ceiling to P300,000.
The President made the call in his fifth State of the Nation Address, as he noted the need to "ensure the continued progress of the middle class amidst the lingering effects" of the crisis in the Middle East.
"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,” he said.
"Dagdagan natin ang mga manggagawang malilibre sa buwis sa kanilang kita. Isasama na natin ang mga kumikita nang hindi lalagpas sa P350,000 kada taon,” he added.
At present, those earning P250,000 a year and below are exempted from paying income tax under the Tax Reform for Acceleration and Inclusion Law.
Earlier, Marikina Rep. Miro Quimbo said the House Committee on Ways and Means was slated to discuss a measure that aims to "recalibrate" the country’s personal income tax system "as a whole."
In the Senate, Senator Bam Aquino called on his fellow lawmakers to prioritize Senate Bill 267, which seeks to exempt individuals earning up to P480,000 annually from paying income tax.
