Proposals to amend the personal income tax schedule appear to be well-justified. However, these proposals should include measures that will allow government to recover the revenue loss from lower income taxes. Dr. Rosario Manasan, senior research fellow of state think-tank Philippine Institute for Development Studies (PIDS), said at a seminar sponsored by the Philippine Senate, that government should look for new revenue measures to compensate for the projected revenue loss that will arise as a result of the implementation of any of the various proposals to restructure the personal income tax. Currently, there are several income tax reform proposals pending in both houses of Congress. All of them, according to Dr. Manasan, have the same objective of addressing the phenomenon of bracket creep, which results from “non-indexation to inflation of personal income tax brackets”. Simply put, bracket creep occurs when employees’ income increases over time as a result of inflation. Th
Online edition of The Ilocos Times, a community newspaper based in Laoag City, Ilocos Norte.
isn't this being updated?ReplyDelete
Can you please publish historical newspapers from the 1920s? I am a Fil-Am whose great grandparents were sakadas. I was wondering what the newspapers had to say about Ilocanos leaving to work in Hawaii.ReplyDelete