The Philippine government has announced that the first package of measures for the Comprehensive Tax Reform Program has been filed in the House of Representatives. One of the main changes in the reform package (House Bill 4774) is in relation to the individual income tax brackets. This includes reducing the number of brackets and greatly shifting taxation to higher income earners from 1 July 2017 as follows:
- up to PHP 250,000 - 0%
- over PHP 250,000 up to 400,000 - 20%
- over PHP 400,000 up to 8…