MANILA, Philippines — The New Year will bring good tidings to a majority of Filipino fixed-income earners. Starting Jan. 1, 2023, individual taxpayers will pay lower income tax rates, but those
Bureau of Internal Revenue
Compared to the charges in 2018, the new rates would be lower by 5 percentage points for those with an annual taxable income of P250,000 to P2 million, and by 2 percentage points for those with more than P2 million up to P8 million.On the other hand, those whose taxable income is more than P8 million will pay more—35 percent from 32 percent previously.
Starting January, employers are to withhold a tax of 15 percent—instead of the current 20 percent—from those with taxable income of more than P20,833 up to P33,332 per month. If you earn more than P666,666, you will pay P183,541.80 plus 35 percent of your taxable income, which is less than the P200,833.33 plus 35-percent tax you paid before.
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