The Philippine Department of Finance has announced the launch of nationwide public consultations on the proposed Promoting Growth, Revenue, and Equity towards Socio-Economic Sustainability (ProGRESS) Bill. The key proposals include:
- Introducing a 15% Global Minimum Tax (GMT) on large multinational enterprises;
- Exempting micro and small enterprises from the minimum corporate income tax;
- Increasing the annual exemption threshold from PHP 250,000 to PHP 350,000 to increase the disposable incom…