{"id":60864,"date":"2015-09-07T20:47:41","date_gmt":"2015-09-07T12:47:41","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=60864"},"modified":"2015-09-07T20:54:29","modified_gmt":"2015-09-07T12:54:29","slug":"house-seeks-lowering-income-tax-rates-amid-inflation","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2015\/09\/07\/house-seeks-lowering-income-tax-rates-amid-inflation\/","title":{"rendered":"House seeks lowering income tax rates amid inflation"},"content":{"rendered":"<figure id=\"attachment_56543\" aria-describedby=\"caption-attachment-56543\" style=\"width: 750px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2015\/07\/2011_Philippine_State_of_the_Nation_Address.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-56543\" src=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2015\/07\/2011_Philippine_State_of_the_Nation_Address.jpg\" alt=\"The Plenary Hall, House of Representatives Complex, Constitution Hills, Quezon City (Photo by Malaca\u00f1ang Photo Bureau\/Robert Vi\u00f1as)\" width=\"750\" height=\"500\" srcset=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2015\/07\/2011_Philippine_State_of_the_Nation_Address.jpg 750w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2015\/07\/2011_Philippine_State_of_the_Nation_Address-300x200.jpg 300w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2015\/07\/2011_Philippine_State_of_the_Nation_Address-600x400.jpg 600w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/a><figcaption id=\"caption-attachment-56543\" class=\"wp-caption-text\">The Plenary Hall, House of Representatives Complex, Constitution Hills, Quezon City<br \/>(Photo by Malaca\u00f1ang Photo Bureau\/Robert Vi\u00f1as)<\/figcaption><\/figure>\n<p>MANILA \u2013 The House of Representatives continued seeking the passage of the income tax reform bill, which would lower the personal and corporate income tax rates to address the impact of inflation on fixed-income workers.<\/p>\n<p>\u201cWe\u2019re just giving the applicable value of things when the tax code was approved [in 1997]. In other words, inflation is the problem \u2013 it\u2019s eating up income and revenues,\u201d Speaker Feliciano Belmonte Jr. told radio station dzBB.<\/p>\n<p>\u201cThe value of money is going down but the rates not only of income tax but also the penalties, like those for crimes for instance that are based on the amounts involved, they haven\u2019t been resolved in a long time,\u201d Belmonte said in a separate interview.<\/p>\n<p>The House Ways and Means Committee has been deliberating proposals which sought to adjust income tax brackets to inflation. If approved, these would significantly reduce the dues of taxpayers.<\/p>\n<p>Aware of the revenue losses the reform would entail, lawmakers have also been coming up with \u2018compensatory measures.\u2019<\/p>\n<p>But with no clear and feasible measures proposed yet, the Department of Finance (DOF) and the Bureau of Internal Revenue (BIR) have outright rejected adjusting income tax rates. They also asserted that the reform would lower government revenues.<\/p>\n<p>Marikina Representative Romero Quimbo, chairman of the House Ways and Means Committee, however, would not settle with the \u2018status quo\u2019 because \u2018that means no change for our overburdened workers.\u2019<\/p>\n<p>Quimbo earlier urged Malaca\u00f1ang to convene the Legislative-Executive Development Advisory Council (LEDAC) \u2018to sit down and see what the points of agreement and disagreements are\u2019 regarding the House bill.<\/p>\n<p>The Malaca\u00f1ang, however, repeatedly ignored his calls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MANILA \u2013 The House of Representatives continued seeking the passage of the income tax reform bill, which would lower the &hellip;<\/p>\n","protected":false},"author":33,"featured_media":56543,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1145,16,95],"tags":[249],"class_list":["post-60864","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headline","category-news","category-news-ph","tag-rewrite","mauthors-cyra-moraleda","mauthors-philippine-canadian-inquirer"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/60864","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=60864"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/60864\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/56543"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=60864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=60864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=60864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}