Employee tax perks at stake

Employee tax perks at stake

by Armin Joyce M. De Chavez

employee tax perks at stake

All is fair in tax reform. This is the clear message of the first package of the comprehensive tax reform program initiated by the Department of Finance (DOF) dubbed as the Tax Reform for Acceleration and Inclusion (TRAIN). One of the TRAIN's objectives is to simplify the country's personal income tax system by lowering income tax rates and broadening the tax base brackets.

Despite the major differences among the provisions of the original proposal by the DOF, the approved House Bill 5636 and the proposed Senate Bill 1952, all versions are consistent to have a simpler, fairer and more efficient income tax system for individuals. Taking a closer look into the tax form, it aims to abolish the tax perks and incentives given to certain employees and apply uniform tax rates to individual taxpayers.

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