Solon files bill increasing tax exemption on taxable income to P500,000

Solon files bill increasing tax exemption on taxable income to P500,000

‎TACLOBAN CITY — Southern Leyte second district Rep. Christophershon Yap has filed a bill increasing the tax exemption on taxable income to P500,000.‎House Bill 10505 aims to amend the National Internal Revenue Code of 1997, as amended, by imposing a zero percent tax rate for individual taxpayers earning below P500,000.‎For income over P500,000 but less than P800,000, a 15 percent tax applies on the amount exceeding P500,000; for income over P80…