House panel passes higher tax-free income threshold, small-business MCIT removal

WIRE — THE House of Representatives Committee on Ways and Means approved measures raising the income threshold eligible for tax-free treatment  to P350,000 from P250,000 and discontinuing the 2% minimum corporate income tax (MCIT) for micro and small businesses. House Bill (HB) No. 10345 seeks to amend Section 24 of the National Internal Revenue Code by restructuring

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