House OK of tax reform package seen by midyear

by Ben O. de Vera | Mar 20, 2017   ()

The Department of Finance will pitch corporate income tax reforms to Congress by the second half as it is optimistic of passing by midyear the first package aimed at easing the burden on income tax earners while increasing taxes on consumption.

The House ways and means committee is expected to approve today House Bill No. 4774, which contains the DOF’s proposal to lower personal income taxes, broaden the value-added tax (VAT) base by cutting down on exemptions, increase excise taxes on petroleum and automobiles as well as reduce the estate and donors’ tax rates.

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