Tax Relief
NATIONAL EMERGENCY TAX RELIEF AND CONSUMER PROTECTION ACT
The National Emergency Tax Relief and Consumer Protection Act proposes a temporary exemption from the Value-Added Tax (VAT) on basic commodities and a 50% reduction in excise tax on petroleum products during a declared national emergency or state of calamity.
SUSPENSION OR REDUCTION OF EXCISE TAXES AND/OR VALUE-ADDED TAX ON PETROLEUM PRODUCTS
This bill authorizes the President to temporarily suspend or reduce excise taxes and/or value-added tax on petroleum products when global oil prices exceed specified thresholds, specifically when the average price of Dubai crude oil exceeds $80 per barrel.
VAT REDUCTION ACT
The VAT Reduction Act proposes to lower the Value-Added Tax (VAT) rate from 12% to 10%, aiming to alleviate the tax burden on consumers and stimulate economic growth.
MICRO SMALL AND MEDIUM ENTERPRISES (MSMES)
This bill aims to provide temporary tax relief to micro, small, and medium enterprises (MSMEs) by exempting them from income tax for three years and allowing an additional 25% deduction on labor expenses for each employee hired.
BAWAS, BUWIS, GINHAWA PARA SA PILIPINO ACT
The Bawas Buwis, Ginhawa para sa Pilipino Act aims to abolish the Value-Added Tax (VAT) in the Philippines, which is seen as a regressive tax burden on low- and middle-income families. The bill proposes to repeal specific sections of the National Internal Revenue Code related to VAT and establish alternative revenue sources.
PROVIDING TAX RELIEF FOR MICRO-ENTERPRISES ACT
Senate Bill No. 1148 aims to provide tax relief for micro-enterprises by simplifying tax registration and compliance processes, and offering a three-year income tax exemption for qualifying businesses.
SIMPLIFIED FILING OF RETURNS AND PAYMENT OF INCOME TAX
This bill aims to simplify the registration, filing of returns, and payment of income and percentage taxes for micro-enterprises, while also providing tax relief for these businesses.
TAX RELIEF TO MICRO, SMALL AND MEDIUM ENTERPRISES
This bill aims to provide temporary tax relief to micro, small, and medium enterprises (MSMEs) by exempting them from income tax for three years and allowing a 25% deduction on labor expenses.