HB04774: AN ACT AMENDING SECTIONS 5, 6, 24, 25, 27, 31, 32, 33, 34, 51, 52, 56, 57, 58, 74, 79, 84, 86, 90, 91, 97, 99, 100, 101, 106, 107, 108, 109, 110, 112, 114, 116, 127, 128, 129, 145, 148, 149, 151, 155, 171, 174, 175, 177, 178, 179, 180, 181, 182, 183, 186,
This bill proposes a comprehensive tax reform package aimed at generating revenue for the government's infrastructure and social programs. It includes lowering personal income taxes, broadening the Value Added Tax (VAT) base, adjusting excise taxes on petroleum and automobiles, and reducing estate and donor's taxes.
A key feature is the simplification of the income tax system, which will benefit taxpayers through lower rates and reduced complexity. The bill also introduces measures to improve tax administration, such as the mandatory use of fuel marking and electronic receipts.