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A new tax reform bill is being pushed at the House of representatives to further lower the personal income tax of Filipinos. France castro (ACT) and other members of the Makabayan bloc, aims to put the maximum income tax to just 20% (current income tax rate is 32% tops). In the previous administration, the TRAIN Law and the CREATE Law have already passed and effectively reduced business and personal income tax. The bill removes previously lower tax rates on long-term deposits, applying a flat 20% withholding tax regardless of the deposit’s maturity. Beyond savings interest, RA 12214 also lowers the stock transaction tax from 0.6% to 0.1% for first-time investors. Read more in our articles including "New Tax Bill pushing for 20% cap; free for Php400k and below" and "CMEPA implemented, banks slap uniform 20% tax to interest income".

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Frequently Asked Questions

What is lower income tax?

A new tax reform bill is being pushed at the House of representatives to further lower the personal income tax of Filipinos. France castro (ACT) and other members of the Makabayan bloc, aims to put the maximum income tax to just 20% (current income tax rate is 32% tops).

What have you covered about lower income tax?

In the previous administration, the TRAIN Law and the CREATE Law have already passed and effectively reduced business and personal income tax. The bill removes previously lower tax rates on long-term deposits, applying a flat 20% withholding tax regardless of the deposit’s maturity. Beyond savings interest, RA 12214 also lowers the stock transaction tax from 0.6% to 0.1% for first-time investors.

Where can I find articles about lower income tax?

Our coverage of lower income tax includes: "New Tax Bill pushing for 20% cap; free for Php400k and below"; "CMEPA implemented, banks slap uniform 20% tax to interest income"; "CICC cracks down on GoreBox after Tacloban school shooting". Each article provides unique insights and information.