Manila, Aug. 10 -- The House Committee on Ways and Means on Monday approved a bill raising the annual taxable income exemption ceiling to PHP350,000 from PHP250,000, and a relief measure exempting microenterprises from the 2-percent Minimum Corporate Income Tax (MCIT), as part of a broad tax reform package meant to help individual taxpayers and small businesses.

Introduced by Speaker Faustino "Bojie" Dy III and Majority Leader Ferdinand Alexander "Sandro" Marcos, House Bills Nos. 10345 and 10346 were approved, subject to style, during a committee hearing presided over by Marikina 2nd District Rep. and panel chair Miro Quimbo.

The proposed income tax measure seeks to amend Section 24 of the National Internal Revenue Code by restructurin...