Malacañang stated that Senator Erwin Tulfo's proposed one-month income tax holiday requires a thorough review by the Department of Finance (DOF) and the Department of Budget and Management (DBM).
Special Assistant to the President for Investment and Economic Affairs Frederick Go emphasized the need for these agencies to assess the potential fiscal and economic impacts of the proposal, which is intended as a form of financial relief.
Under Tulfo's Senate Bill No. 1446, the one-time, one-month income tax holiday would apply to individual taxpayers receiving compensation income on the first payroll month after the bill's approval.
For mixed-income earners, only the compensation income portion would be exempted.
Tulfo acknowledged the need for an "immediate form of relief" among taxpayers amidst issues of corruption in infrastructure projects, stating "Ibalik ang pera ng bayan. Ibaba ang tax."
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