MANILA - The government may raise income taxes on the "ultra rich" as part of President Rodrigo Duterte's effort to reform the system, a senior economic minister said Wednesday.
The income tax rate for those earning more than P5 million annually could be raised to 35 percent from 32 percent, Finance Secretary Carlos Dominguez said.
Minimum wage earners and those earning less than P3 million per year could either be exempted from paying income tax or pay 25 percent, he said.
Around 1,000 individuals make up the "ultra rich," compared to those earning less than P3 million annually, who make up 90 percent of the country's workforce, finance undersecretary Antonette Tionko said.
Government is also studying plans to disallow taxpayers from claiming deductions and exemptions, she said.