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Manila Bulletin devider Philippines devider Visayas devider Solon files bill increasing tax exemption on taxable income to P500,000

Solon files bill increasing tax exemption on taxable income to P500,000

Published Aug 9, 2026 12:08 pm
YAP (Team Coco Yap FB)
YAP (Team Coco Yap FB)

‎TACLOBAN CITY — Southern Leyte second district Rep. Christophershon Yap has filed a bill increasing the tax exemption on taxable income to P500,000.
‎House Bill 10505 aims to amend the National Internal Revenue Code of 1997, as amended, by imposing a zero percent tax rate for individual taxpayers earning below P500,000.
‎For income over P500,000 but less than P800,000, a 15 percent tax applies on the amount exceeding P500,000; for income over P800,000 but less than P2 million, P45,000 plus 20 percent of the amount exceeding P800,000; for income over P2 million but less than P8 million, P285,000 plus 25 percent of the amount exceeding P2 million; and for income over P8 million, P1,785,000 plus the excess over P8 million.
‎Married individuals shall compute their individual income taxes separately based on their respective total taxable incomes.
‎If any income cannot be clearly attributed or identified as earned or realized solely by one spouse, it shall be divided equally between them for tax purposes.
‎Minimum wage earners will continue to be exempt from income tax on their taxable income. Their holiday pay, overtime pay, night shift differential, and hazard pay will also remain tax-exempt.
‎Self-employed individuals and or professionals may opt to pay an eight percent tax on gross sales, gross receipts, and other non-operating income exceeding P500,000, in place of the graduated income tax rates specified in the Tax Code.

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Income tax Rep. Christopherson Yap Southern Leyte
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