Tax Reform
DIFFERENTIATED VALUE-ADDED TAX RATES ACT
This bill proposes to reduce the general Value-Added Tax (VAT) rate from 12% to 10% while maintaining the 12% rate for certain non-essential and environmentally sensitive goods and services. It amends several sections of the National Internal Revenue Code to implement these changes.
LOWERING THE RATES OF TAX ON TAXABLE INCOME OF INDIVIDUALS
This bill aims to lower the tax rates on taxable income for individuals by amending Section 24 of the National Internal Revenue Code of 1997. It proposes a new tax schedule effective from January 1, 2027, which includes a 0% tax rate for income not exceeding ₱500,000 and progressively higher rates for higher income brackets.
ESTATE TAX REPEAL ACT
This bill seeks to repeal the estate tax under the National Internal Revenue Code of 1997, which is imposed on the transfer of property upon death. It aims to alleviate the financial burden on heirs during a time of mourning and simplify the process of transferring property.
PASSIVE INCOME AND FINANCIAL INTERMEDIARY TAXATION ACT
The Passive Income and Financial Intermediary Taxation Act aims to amend various sections of the National Internal Revenue Code to streamline taxation on passive income and financial intermediaries, reducing the number of tax combinations and harmonizing tax rates.
EXEMPTING MENSTRUAL PRODUCTS FROM VALUE ADDED TAX
This bill aims to exempt menstrual products from the Value Added Tax (VAT) to improve accessibility and affordability for women and girls in the Philippines.
GRANTING INCREASE IN TAKE-HOME PAY FOR ALL WORKING FILIPINOS ACT (GINHAWA)
The bill aims to amend various sections of the National Internal Revenue Code to increase the take-home pay of working Filipinos by adjusting income tax exemptions and deductions.
AMENDING THE NIRC (TAX REFORM FOR THE FINANCIAL SECTOR)
This bill proposes amendments to various sections of the National Internal Revenue Code of 1997 to simplify and rationalize the taxation of the financial sector, including banks and insurance companies.