Economic Rescue Bill 477 of 2026 filed with a 70.2 trillion peso fiscal adjustment
The Economic Rescue Bill 477 of 2026, with 105 articles, was filed on October 29 before the Chamber of Representatives. It concentrates 70% of the adjustment on public spending cuts and seeks a 70.2 trillion peso adjustment (4.1% of GDP) between 2027 and 2030. It proposes cutting corporate income tax from 35% to 33% in 2027 and to 31% from 2028, eliminating the reduced 5% VAT rate on several products from 2028 and lowering the income tax filing threshold from 57 to 35 million pesos.
In 50 seconds
- The bill seeks a 70.2 trillion peso adjustment (4.1% of GDP) between 2027 and 2030, with 40 to 45 trillion in 2027.
- The State assumes 70% of the adjustment with a 15% cut in its institutional structure and a 50% cut in service contracts.
- Corporate income tax would fall from 35% to 33% in 2027 and to 31% from 2028, while the income tax filing threshold would drop from 57 to 35 million pesos a year.
Read the full story at El Nuevo Día
IASummary generated by artificial intelligence from a story by El Nuevo Día. It may contain errors: the original source prevails.
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