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Manila Bulletin devider Philippines devider National devider BIR lowers income tax rate for individual, single proprietor taxpayers

BIR lowers income tax rate for individual, single proprietor taxpayers

Published Dec 24, 2022 09:13 am

The Bureau of Internal Revenue (BIR) is reducing the annual income tax rates for individual and single proprietor taxpayers starting next year.

BIR Commissioner Romeo D. Lumagui, Jr. said the lower tax schedule is prescribed by the Tax Reform for Acceleration and Inclusion (TRAIN) Law.

While the tax exemption is maintained for income of P250,000 and below, the BIR chief said the rest of taxpayers will be subject to tax schedules ranging from 15 to 30 percent.

He said, however, the higher rate of 35 percent will be slapped against those earning over P8 million, compared to the previous 32 percent.

"The tax reduction will be reflected in the monthly withholding tax deduction on the salary of employes, thus increasing their take home pay," Lumagui added.

To effectively implement the new schedule, Lumagui instructed employers to use the revised withholding tax table in computing the withholding tax on compensation as required under Revenue Regulations 11-2018.

He explained that the new rate for individuals is cut down by five percent for those receiving more than P250,000 and up to P2 million.

A two percent decrease is realized for income of more than P2 million but not over P8 million.

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