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The House of Representatives approved on Wednesday, May 31, a bill setting the annual personal income tax exemption to P250,000, increasing excise tax on fuel products and car sales, and taxing lotto winning and sugar-sweetened products.
House Bill No. 4774 or the Tax Reform for Acceleration and Inclusion Act (TRAIN) was approved by 246 congressmen with 9 voting against it before Congress takes its recess.
Under HB 4774, self-employed and or professionals shall pay eight percent income tax on gross income in excess of P250,000.
A P7 increase in excise tax per liter of unleaded premium gasoline, diesel, asphalts, bunker fuel, kerosene, premium gasoline and other products will be imposed on a staggered basis.
The average P2 to P3 hike will be implemented starting 2018, followed by a P2 hike starting 2019 and P1 hike in 2020.
There will be a P10 per liter tax on sugar sweetened products and a P200 tax per liter of sugar-sweetened beverage like imported sugar or fructose.
The excise taxes on automobile sales start in January 2019 as follows: 3 per cent for automobiles sold at P600,000 or below; P18,000 plus 30 per cent in excess of P600,000 for automobiles costing above P600,000 to P1.1 million; P168,000 plus 50 per cent in excess of P1.1 million for automobiles costing over P1.1 million to P2.1 million; P668,000 plus 80 per cent in excess of P2.1 million for automobiles costing over P2.1 million to P3.1 million and; P1,468,000 plus 90 per cent in excess of P3.1 milliion for automobiles costing over P3.1 miliion.
Tax on cash winnings from lotto and sweepstakes lottery shall be 20 per cent while donor’s taxes shall be 6 per cent.
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type=”2_3″][et_pb_sidebar admin_label=”Sidebar” orientation=”right” area=”sidebar-4″ background_layout=”dark” disabled_on=”on|on|” module_class=”recent-job” custom_css_main_element=”float:left;” disabled=”off” /][et_pb_image admin_label=”Image” src=”https://filipinotimes.net/wp-content/uploads/2017/04/tft-jobs.png” show_in_lightbox=”off” url_new_window=”off” use_overlay=”off” animation=”off” sticky=”on” align=”left” max_width=”164px” force_fullwidth=”off” always_center_on_mobile=”on” use_border_color=”off” border_color=”#ffffff” border_width=”1px” border_style=”solid” custom_css_main_element=”float: left;||position: relative;||top: 37px;||left: 20px;” disabled=”off” /][et_pb_text admin_label=”Text” background_layout=”light” text_orientation=”left” max_width=”280px” max_width_last_edited=”off|desktop” module_class=”jobs-tb-caption” header_font_size=”28px” text_font_size=”20px” use_border_color=”off” border_style=”solid” custom_padding=”0px|||” custom_css_main_element=”margin-left: 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We listed over 1,000,000 jobs from United Arab Emirates monthly.
[/et_pb_text][et_pb_search admin_label=”Search” background_layout=”light” text_orientation=”right” exclude_pages=”off” exclude_posts=”off” include_categories=”2,3,9,10,11,4254,12,1,13,4259″ hide_button=”on” placeholder=”ei. Nurses, Engineer, Accountant, Sales…” field_bg=”#ffffff” placeholder_color=”#7c7c7c” module_class=”jobs-search” input_font_size=”14px” input_letter_spacing=”0px” input_line_height=”1em” button_font_size=”14px” button_letter_spacing=”0px” button_line_height=”1em” custom_css_input_field=”height: 50px !important;||max-width: 436px;||text-align: left !important;||float: left;||margin-left: 20px;” disabled=”off” /][/et_pb_column][et_pb_column type=”1_3″][et_pb_image admin_label=”Image” src=”https://filipinotimes.net/wp-content/uploads/2017/04/tft-rent.png” show_in_lightbox=”off” url_new_window=”off” use_overlay=”off” animation=”off” sticky=”on” align=”left” max_width=”164px” force_fullwidth=”off” always_center_on_mobile=”on” use_border_color=”off” border_color=”#ffffff” border_width=”1px” border_style=”solid” custom_css_main_element=”float: left;||position: relative;||top: 37px;||left: 20px;” disabled=”off” /][et_pb_text admin_label=”Text” background_layout=”light” text_orientation=”left” max_width=”280px” max_width_last_edited=”off|desktop” header_font_size=”28px” text_font_size=”20px” use_border_color=”off” border_style=”solid” custom_padding=”0px|||” custom_css_main_element=”margin-top: 123px;||font-family: Georgia;||margin-left: 20px;” disabled=”off”] Accomodation option available in the market. [/et_pb_text][et_pb_search admin_label=”Search” background_layout=”light” text_orientation=”right” exclude_pages=”off” exclude_posts=”off” include_categories=”2,3,9,10,11,4254,12,1,13,4259″ hide_button=”on” placeholder=”ei. 1 Bedroom Al Rigga, Flat, Bedspace…” field_bg=”#ffffff” placeholder_color=”#7c7c7c” module_class=”jobs-search” input_font_size=”14px” input_letter_spacing=”0px” input_line_height=”1em” button_font_size=”14px” button_letter_spacing=”0px” button_line_height=”1em” custom_css_input_field=”height: 50px !important;||max-width: 436px;||text-align: left !important;||float: left;||margin-left: 20px;||position: relative;||top:-30px;” disabled=”off” /][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section bb_built=”1″ admin_label=”Section” transparent_background=”off” background_color=”#1a1c1d” allow_player_pause=”off” inner_shadow=”off” parallax=”off” parallax_method=”off” custom_padding=”0px||0px|” make_fullwidth=”off” use_custom_width=”off” width_unit=”on” make_equal=”off” use_custom_gutter=”off” fullwidth=”off” specialty=”off” disabled=”on” disabled_on=”on|on|on”][et_pb_row admin_label=”Row” make_fullwidth=”off” use_custom_width=”on” width_unit=”on” custom_width_px=”1200px” custom_width_percent=”80%” use_custom_gutter=”off” gutter_width=”3″ custom_padding=”50px||50px|” allow_player_pause=”off” parallax=”off” parallax_method=”off” make_equal=”off” parallax_1=”off” parallax_method_1=”off” parallax_2=”off” parallax_method_2=”off” parallax_3=”off” parallax_method_3=”on” parallax_4=”off” parallax_method_4=”on” disabled=”off”][et_pb_column type=”1_2″][et_pb_text admin_label=”Text” background_layout=”light” text_orientation=”left” module_class=”slim-optin-text” use_border_color=”off” border_style=”solid” disabled=”off” border_color=”#ffffff” custom_css_main_element=”line-height: 1 !important;”][su_column size=”1/4″ class=”sub-optin”]Latest News[/su_column][su_column size=”3/4″ class=”sub-optin-2″]Subscribe to our free weekly newsletter and never miss a thing. No spam. Only hand-picked trending news.[/su_column]
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