House panel approves higher tax exemption for workers, small businesses

MANILA, Philippines — The House Committee on Ways and Means approved on Monday separate measures raising the annual taxable income exemption ceiling to ₱350,000 from ₱250,000 and exempting microenterprises from the 2-percent minimum corporate income tax (MCIT). House Bills No. 10345 and 10346 were introduced by Speaker Faustino “Bojie” Dy III and Majority Leader Ferdinand Alexander