The dof cited a need to reform the passive income and financial intermediary system to rationalize mutiple tax rates and bases reduce the tax burden of low income people broaden the narrow tax. Known as the passive income and financial intermediary act pifita it has already passed the house of representatives after its third and final reading in september and is currently pending in. House bill hb 304 or the passive income and financial intermediary taxation act is also expected to be passed next year.
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the income elasticity of demand for jewelry is 2
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