The Philippine government is expected to lose PHP20bn (USD421m) in tax revenues due to the implementation individual income tax amendments last year.
The law - which came into effect in July 2008 - exempted the country's minimum wage earners from having to pay withholding tax on their income, whilst also increasing personal tax allowances.
Under the law, the personal tax allowance for single taxpayers increased from PHP20,000 to PHP50,000; for the head of a family it doubled to PHP50,000 from PHP25,000 and for married individuals the allowance increased from PHP32,000 to PHP50,000.
Additionally, the law allows for a 40% deduction to made on gross sales or receipts by professionals and the self-employed.
The country's Finance Department is looking into ways of generating extra revenue to make up for these losses.
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