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Manila Bulletin devider Philippines devider National devider BIR reinstates higher tax rates on percentage, minimum corporate income taxes

BIR reinstates higher tax rates on percentage, minimum corporate income taxes

Published Jul 5, 2023 11:31 am
Effective July 1, the Bureau of Internal Revenue (BIR) has announced the restoration of the original higher tax rates for the percentage tax and the minimum income tax (MCIT). Under the new directive, individuals subject to the percentage tax will be required to pay three percent of their gross quarterly sales, reverting from the existing one percent. Similarly, the MCIT will also revert to two percent from the current one percent, applicable to the gross income at the end of the taxable year. The initial tax rates were imposed under Section 116 of the Tax Code but were temporarily suspended by the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. The CREATE  prescribed the lower one percent tax rate, which came into effect on July 1, 2022, and was set to end on June 30, 2023. Additionally, non-stock/non-profit schools and hospitals will be subject to a preferential tax rate of 10 percent on their taxable annual income.

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