The Tax Management Association of the Philippines (TMAP) has raised a concern to revamp the Personal Income tax threshold and tax brackets. To ensure secure revenue collection levels, TMAP has recommended a raise on Personal Income Tax (PIT) exempt threshold; which is near about a 3000% upsurge. They have implied diverse slabs for tax based on the income groups. According to the new proposal, there will be tax implied from 10% to 30% based on income tier. They have also announced tax exemption for low-income group. According to their proposal the current fringe benefit tax should be aligned to treat the entire income group under same perimeter. This simplified tax structure is aimed to facilitate wage earners with a complaint process. TMAP also suggested that capital gains tax rates could be bring in to line with effective PIT rates.
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