Philippines opens consultations on a tax relief and revenue bill

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The Philippines’ Department of Finance opened nationwide consultations on its proposed ProGRESS tax bill on 3 September, beginning in Manila with around 300 participants. The draft seeks to combine household tax relief with revenue measures for public services.

Proposals include lifting the annual personal-income-tax exemption from PHP250,000 to PHP350,000, exempting micro and small firms from minimum corporate income tax, taxing vehicles valued above PHP8 million at higher excise rates and applying a 15% global minimum tax to large multinational groups. These remain proposals.