Philippines presents revised tax reform package

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The Chairman of the House Committee has proposed revised tax reform package on 17 January 2017. This tax reform package was submitted to Parliament on 29 September 2016. According to the revised tax reform package individual income tax exemption from individual earnings below PHP 250,000 and widening of existing tax brackets, but a 35% tax rate imposes on earnings more than PHP 5 million a year.

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