Marcos seeks income tax exemption for workers earning up to P350,000

During his State of the Nation Address on Monday, President Ferdinand Marcos Jr. urged Congress to pass a tax relief package that would exempt workers earning up to P350,000 a year from income tax.

"Let us expand the income tax exemption. We will include those earning not more than P350,000 per year," Marcos said. 

He also proposed lower income tax rates for other employees, the removal of the minimum corporate income tax for small businesses, and a tax amnesty covering unpaid income, estate, donor’s and value-added taxes, including penalties. 

The President said the measures are intended to provide relief to the middle class and small businesses while supporting economic growth.

—Edited by Miguel R. Camus