House bill increasing tax exemptions pushed

Two legislators have rallied behind House Bill 5296 authored by Rizal Rep. Michael John Duavit and urged the House leadership to expedite its passage, saying the measure will give relief to minimum wage earners through the standardization of income tax exemptions.

Cagayan Rep. Manuel Mamba and Anwaray party-list Rep. Florencio Noel said HB 5296 has been approved on second reading but has long been pending for third and final reading in the chamber.

While there has been no major opposition to the proposed bill, Noel said it has long been pending in the plenary and could not be approved due to lack of quorum.

Mamba, on the other hand, expressed concern that should the House leadership not act on the bill immediately, it would stall the legislative process and the measure might not be submitted to Malacañang for signing into law by the President before Congress adjourns on June 7.

The Duavit bill calls for simplified net income tax for the self-employed engaged in trade/business as well as professionals.

HB 5296 also increases the basic personal exemption of individual taxpayers as follows:

• For a single individual or married individual judicially declared legally separated with no qualified dependents — P30,000 (from the current P20,000);

• For head of the family — P37,500 (from the current P25,000); and

• For a married individual — P48,000 (from the current P32,000).

The bill further increases the allowed additional exemption for each dependent (not exceeding four) from P8,000 to P12,000.