Individual Taxpayers in Philippines to have lower Income Tax rates in 2023
January 2023Under the TRAIN Law - Tax Reform for Acceleration and Inclusion (TRAIN) Law-, starting January 1, 2023, those with annual taxable income below P 250,000.00 are still exempt from paying personal Income Tax, while the rest of taxpayers, except those with taxable income of more than P 8 Million, will have lower tax rates ranging from 15% to 30% by 2023.
To maintain progressivity, the top individual taxpayers whose annual taxable income exceeds P 8 Million were imposed a higher tax rate of 35% from the previous 32%.
Note: The information in this site is for general guidance only. Users of this site are advised to take professional advice before taking practical tax decisions.
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