Sotto files bill to expand individual income tax exemption

MANILA, Philippines - Senate President Pro Tempore Vicente C. Sotto III has filed a measure which seeks to raise the annual income tax exemption threshold to P350,000, beginning January 1, 2027.Under Senate Bill 2338, or the 'Expanded Income Tax Exemption of 2026,' every taxpayer earning P350,000 or less annually would be fully exempt from paying income tax.The measure follows President Ferdinand Marcos Jr.'s pronouncement in his fifth State of the Nation Address calling for tax relief for Filipino workers.'The conflict in the Middle East and the disruption it caused to the world oil supply sent the cost of fuel to high levels" Sotto said."The prices of food, transport, and electricity have followed, and they have risen faster than wages,' he added.