Tax breaks to benefit workers in 2023, says Angara

August 12, 2022 0 Comments

Professionals and other workers will be entitled to tax breaks next year, according to Sen. Sonny Angara.,Speaking to the media at a Philippine-Spanish Friendship Day event on 9 July, Angara said there will be a tax relief in 2023 based on the Tax Reform for Acceleration and Inclusion (TRAIN) Law: “There would be another income tax reduction.”,He elabotated: “The middle class will benefit from it… the teachers, employees who receive salaries subject to withholding tax. Their tax will be reduced next year.”,Republic Act 10963 or the TRAIN Law says individual taxpayers annually earning P250,000 but not more than P8 million will pay lower tax rates of 15-30 percent starting January 2023.,Angara, who remains chair of the Senate Committee on Finance in the 19th Congress, was asked if he is in favor of providing financial aid to middle class families affected by inflation.,He said he’s open to providing government subsidies, but the priority beneficiaries should be the poor.,“If it’s possible, why not? We’ll have to see the numbers. But when it comes to financial aid, of course, we need to first prioritize those who are below the poverty line,” he said.,Earlier, Sen. Raffy Tulfo got flak for being against extending the government’s financial aid to the middle class.,Tulfo said middle-income families can still bear the impact of the inflation compared to minimum-wage earners.,“They can still afford to buy since they belong in the middle class. They receive at least above minimum wage. So we should prioritize those earning minimum wages or lower,” he said.