Question 1

House Bill 10253 (18th Congress, filed 2021) proposed 1% on net assets above PHP 1 billion, rising to 2% and 3% at higher thresholds.

Accepted Answer

House Bill 10253 (18th Congress, filed 2021) proposed 1% on net assets above PHP 1 billion, rising to 2% and 3% at higher thresholds.

Question 2

The Finance Secretary then argued a wealth tax would drive capital out and that the estate tax and real property tax already work as forms of wealth tax.

Accepted Answer

The Finance Secretary then argued a wealth tax would drive capital out and that the estate tax and real property tax already work as forms of wealth tax.

Question 3

House Bill 258 (19th Congress, filed 2022) was a similar super-rich tax bill that was listed as pending in committee.

Accepted Answer

House Bill 258 (19th Congress, filed 2022) was a similar super-rich tax bill that was listed as pending in committee.

Question 4

The current Department of Finance ProGRESS bill proposals include raising the annual personal income tax exemption from PHP 250,000 to PHP 350,000 and a higher excise on vehicles above PHP 8 million, not a net wealth tax.

Accepted Answer

The current Department of Finance ProGRESS bill proposals include raising the annual personal income tax exemption from PHP 250,000 to PHP 350,000 and a higher excise on vehicles above PHP 8 million, not a net wealth tax.

Philippines — Tax: Wealth Tax

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