Tag: income taxes

Lower income tax rates expected starting next year due to TRAIN law: BIR

(Eagle News)–The Bureau of Internal Revenue on Friday, December 23, said individual taxpayers will be charged lower income taxes starting next year. According to the BIR, because of the lower income tax rate pursuant to Republic Act 10963, or the Tax Reform for Acceleration and Inclusion (TRAIN) Law, individuals earning purely compensation income, including non-business/non-profession related income and sole proprietors, “can look forward to a higher take-home pay in 2023.” It said starting January 1, […]

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Congress seeks to exempt workers earning less than P180,000 from paying taxes

QUEZON CITY, Sep. 11 — Workers earning less than P180,000 annually would no longer have to pay income tax once the House Bill reducing individual and personal income taxes becomes a law. The House of Representatives Committee on Ways and Means’ Technical Working Group is now finalizing the consolidated version of the bill after 11 public hearings. Committee Vice-Chair Sharon S. Garin explains that the bill is meant to increase the take-home pay of employees in […]

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