Philippines Senate Considers Bill to Reduce Individual Income Tax Rates

The Philippine Senate Jan. 26 accepted for consideration Senate Bill No. 1685, to reduce individual income tax rates. The bill includes measures to: 1) amend Section 24 of the National Internal Revenue Code to revise income tax schedule, effective Jan. 1, 2027, for the purpose of lowering taxes across multiple income brackets, including a zero percent tax rate for income not exceeding 500,000 Philippine pesos (US$8,477); 2) replace the existing Tax Reform for Acceleration and Inclusion (TRAIN) Law brackets by establishing progressive rates, ranging from 15 percent to 35 percent, for higher-income thresholds; and 3) provide standard separability and repealing ...