The DoF also said that around 78,000 businesses will benefit from the proposal to exempt micro and small enterprises from the minimum corporate income tax. Profitable companies would remain subject to the regular corporate income tax. Asian Consulting Group Founding Chairman and Chief Tax Adviser Raymond A. Abrea said greater relief could come from expanding the coverage of the optional gross income tax regime, even if its rate is increased. Under the bill, taxable income exceeding P350,000 but not more than P400,000 would be subject to a 15% income tax. 2341 that aims to raise the income tax exemption ceiling to P600,000.