Dutertenomics - Tax Reforms

[jiro]

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So.... approve na ni? or naa pay additional hearing/review?


1. sugar-sweetened beverages and carbonated drinks
House - eyeing a provision imposing an additional P10 excise tax on sugar-sweetened beverages and carbonated drinks



2. Tax Program

Those earning P250,000 or below annually will be exempted from paying income taxes. The mandated 13th month pay up to P82,000 as well as other bonuses will still be tax-free.

The "ultra-rich," who comprise 0.1% of taxpayers, will be levied a higher rate of 35% from the current 32%.

Current


AFTER


in comparison, if 500k imong yearly income...
your Current tax = 50k + 50k(30% of 150k excess)
vs
your New dutertetax = 22.5k + 20k (20% of 100k excess)

you save around 60k in taxes

BUTTT!



3. Excise tax on fuel


by 2020, P10tax per litter sa gas and P6 sa diesel.





4. TAXES on new cars


here's a sample computation




unsa gahay tax for new houses(?), will check on these pa. so far, i've only read that they plan to remove VAT taxes on low cost housing.


Source:
Duterte's tax reform: More take-home pay, higher fuel and auto taxes
CTRP 'cornerstone' of infra buildup funding - Department of Finance
House committee approves Duterte tax reform package

[RayGunz]

its so illogical if all taxes will be brought down.. across the board..
its like knocking our foreheads on the concrete wall.

[jiro]

All taxes go down except for people earning 5million+ per year.
if you belong to the 1% earner, your tax has increased from 32% to 35%.
Gasoline prices/new cars/sugar breverages increases by a lot.

if wala ka nag work or not not paying taxes yet (like students/retired/smalltime earner), karon, you are forced to pay these excise tax especially sa Gasoline.

[kestrel89]

Why tax fuel? It is essential to our needs man. Unlike new cars, sweetened drinks, and cigarettes.

[RayGunz]

Why tax fuel? It is essential to our needs man. Unlike new cars, sweetened drinks, and cigarettes.

Fuel has had tax, even from the time you were wandering as a sperm. Do you agree?

Like it or not, an update is inevitable.

[kestrel89]

Fuel has had tax, even from the time you were wandering as a sperm. Do you agree?

Like it or not, an update is inevitable.

Yeah, pero kung gusto sila na mas maka afford ang mga tawo sa mga basic commodities they should have removed the tax for fuel. Hinuon....mas maka kwarta man ang gobyerno aning tax sa fuel kay there will always a demand for it. Unless naa lain makit-an na puli ani.

[cartoner]

Implemented nani 2nd half of 2017 or proposition ra?
nindut sad ni from 30% to 20% income tax.

[zmoktyok]

@jiro if mo base ko sa montly na income for example akong sweldo is 18K/month, wala naku tax? or what if akong sweldo 25K/month

[zmoktyok]

if ang diesel is P32/liter this year then P3 excise tax will be added

wait - 3, 9 and then 10 pesos per liter on fuel ?? someone correct me on that one please ........

[Time]

In my understanding low to zero income tax gives more savings, while high gasoline taxes inflate consumer goods prices/ cost of living and take your savings back. LOL