House passes bill simplifying passive income, financial taxes

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The House approves the Pifita bill, but Gabriela Representative Arlene Brosas says the measure 'grossly favors the rich who make fortunes out of thin air in the financial sector.'

A total of 186 lawmakers voted yes, while only 6 voted no. Two legislators abstained from the vote.

The Pifita bill is the 4th tranche of the Comprehensive Tax Reform Program being proposed by the administration of President Rodrigo Duterte. "Such tax rate reduction is again offset by the tax collections sourced from ordinary Filipinos via TRAIN 1, which is projected to reach P153 billion next year," she added, referring to the Tax Reform for Acceleration and Inclusion law.

 

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