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📢 ₱400,000 Income Tax Exemption Proposed?

A proposal has been raised to increase the income tax exemption threshold to ₱400,000 annually to help improve workers’ take-home pay amid rising living costs. Currently, under the TRAIN Law, only annual taxable income up to ₱250,000 is exempt from income tax.

If approved, this could mean:
✅ Higher net pay for middle-income earners
✅ Increased consumer spending power
✅ Additional relief against inflation pressures

However, this also raises important questions:
💭 Can government revenues absorb the impact?
💭 Will businesses eventually adjust compensation structures?
💭 Is this enough to offset rising prices and living costs?

For finance leaders, HR professionals, and business owners, this is another development worth monitoring as it may directly affect payroll planning, compensation strategy, and tax forecasting.

https://www.philstar.com/headlines/2026/05/06/2526075/p400000-income-tax-exemption-sought-raise-take-home-pay

P400,000 income tax exemption sought to raise take-home pay A tax relief bill seeks to raise the tax-free income threshold to P400,000 a year as workers face rising prices.

📢 BIR UPDATE: EXTENDED DEADLINE FOR 2025 ANNUAL ITR

The Bureau of Internal Revenue (BIR) has officially extended the deadline for filing the 2025 Annual Income Tax Returns (AITR) and payment of corresponding taxes.

🗓 New Deadline: May 15, 2026
(From original deadline of April 15, 2026)

📌 Key Highlights:
• Applies to filing, payment, and submission of required attachments
• Extension granted to provide taxpayers additional time amid current economic conditions
• No penalties will be imposed within the extended period

💻 Filing & Payment Options:
• BIR electronic filing platforms (eFPS / eBIRForms)
• Electronic payment channels
• Authorized Agent Banks (AABs)

📖 This extension is pursuant to Revenue Memorandum Circular No. 030-2026, in line with the declared State of National Energy Emergency.

https://business.inquirer.net/530002/qantas-to-close-asian-budget-airline-jetstar

Qantas to close Asian budget airline Jetstar SYDNEY, Australia — Australian airline Qantas said Wednesday it will close its loss-making budget carrier Jetstar Asia, axing 500 Singapore-based jobs. The low-cost subsidiary will cease

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https://www.abs-cbn.com/news/business/2025/4/21/airport-fee-hikes-await-travelers-1512

Airport fee hikes await travelers | ABS-CBN News Just as the summer travel season kicks into high gear, air travellers are set to pay higher fees when using airports managed by the Civil Aviation Authority of the Philippines.

On March 25, 2025, the Regional Trial Court of Davao issued a Writ of Preliminary Injunction (WPI) suspending the mandatory Quality Assurance Review (QAR) program for external auditors. The injunction stems from a case filed by 1Accountants Party-List challenging the program’s legality and implementation.

Key Arguments from 1Accountants Party-List:
✅ Funding Concerns:
QAR is funded by CPAs and audit firms, despite being a regulatory function that should be financed by public funds via the General Appropriations Act (GAA) and audited by COA.
Fees range from ₱3,000 to ₱750,000 annually, depending on firm size.

✅ Violation of Constitutional Rights:
QAR imposes undue financial and procedural burdens, potentially revoking a CPA's right to practice without due process.

✅ Lack of Legal Basis:
RA 9298 does not explicitly authorize the Board of Accountancy (BOA) to delegate QAR implementation to private groups like PICPA, raising constitutional issues.

🛑 Implications of the WPI:
QAR implementation is paused until the case is resolved or the order is overturned.

No sanctions will apply to CPAs and firms for non-compliance during this period.

The court acknowledged that QAR may cause irreparable harm to practitioners.