Philippines Tax Agency Clarifies Individual Income Tax Rates for 2023

The Philippine Bureau of Internal Revenue Dec. 28 clarified income tax rates for 2023. The clarification explains: 1) the annual taxable income below 250,000 Philippine pesos (US$4,459.79) is exempt from personal income tax, while other taxpayers will have lower tax ranging from 15 percent to 30 percent by 2023, except for taxpayers with taxable income of more than 8,000,000 Philippine pesos (US$142,713.15); 2) the decrease in tax rate by 5 percent for taxable income of more than 250,000 Philippine pesos (US$4,459.79), and decrease in tax rate by 2 percent for income up to 8,000,000 Philippine pesos (US$142,713.15); and 3) the ...