The red flag is upBy coincidence, the news about Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) missing their revenue targets by almost 20% came with the news that major companies like Jollibee were posting hefty profits. A tax exemption of individuals earning one million pesos or less is being mulled. Using data from the Family Income and Expenditure Survey of 2012, the exemption of individuals earning one million or less (R1.0 million) will exempt almost 98% of taxpayers. The policy of the new administration may deviate from what is traditionally practiced all over the world, that is exempting the poor from paying income tax. It may decide that exemption should not just apply to the poor but also to those earning at least one million.

Source: Manila Bulletin August 16, 2016 14:03 UTC