INDIVIDUAL INCOME TAX RATES OF TAX FOR THE YEAR 2022 (YEAR OF ASSESSMENT 2023) Chargeable IncomeIncome Tax Rate (%)Gross Tax Payable ($) On the first On the next20,000 10,0000 20 200 On the first On the next30,000 10,000–
The following formula is used to determine personal income tax on wages: Taxable amount = wage income - 5000 (tax exemption in 2023) - social welfare - special additional deductions - other deductions determined by law Special additional deductions aim to help taxpayers reduce their financial burden...
So if you want to compute your income taxes for the year 2025, you must now use and apply this tax table in the Philippines. Tax rates from the previous year 2024 are also the same with 2025. The Tax Reform for Acceleration and Inclusion was introduced few years ago while the implementat...