Manila, July 31 -- Senator Francis Pangilinan has filed a bill seeking to raise the annual personal income tax exemption threshold from PHP250,000 to PHP350,000, in line with President Ferdinand R. Marcos Jr.'s call during his fifth State of the Nation Address (SONA) to increase the tax-exempt income threshold.

Filed on Tuesday, a day after Marcos delivered his penultimate SONA, Senate Bill No. 2344 proposes amendments to Section 24 of the National Internal Revenue Code of 1997 by exempting the first PHP350,000 of annual taxable income from personal income tax.

The measure also seeks to extend the higher exemption threshold to self-employed individuals and professionals who opt for the 8-percent gross receipts tax regime.

Pangilinan sa...