BVR & ASSOCIATES
  • HOME
  • OUR SERVICES
    • TAX COMPLIANCE & ACCOUNTING
    • BUSINESS REGISTRATION
    • BACK OFFICE SUPPORT SERVICES
    • BUSINESS PROCESS OUTSOURCING
    • PAYROLL SERVICES
    • VIRTUAL ASSISTANT
    • FINANCIAL PLANNING
    • ASSET MANAGEMENT
    • HUMAN RESOURCES
  • About
  • ARTICLES
    • TESTIMONIALS
    • BLOG
  • CONTACT US
  • SERVICES

"NEWS AND UPDATES"
2020

Tax Reform for Acceleration and Inclusion (TRAIN) Republic Act No. 10963

1/6/2018

0 Comments

 
Rates of Tax on Taxable Income of Individuals - The tax shall be computed in accordance with and at the rates established in the following schedule:

Tax Schedule Effective January 1, 2018 until December 31, 2022

Not over 250,000.00 = 0%
Over 250,000.00 but not over 400,000.00 = 20% of the excess over 250,000.00
Over 400,000.00 but not over 800,000.00 = 30,000.00 + 30% of the excess over 400,000.00
Over 800,000.00 but not over 2,000,000.00 = 130,000.00 + 30% of the excess over 800,000.00
Over 2,000,000.00 but not over 8,000,000.00 = 490,000.00 + 32% of the excess over 2,000,000.00
Over 8,000,000.00 = 2,410,000.00 + 35% of the excess over 8,00,000.00



Tax Schedule Effective January 1, 2023 and onwards:

Not over 250,000.00 = 0%
Over 250,000.00 but not over 400,000.00 = 15% of the excess over 250,000.00
Over 400,000.00 but not over 800,000.00 = 22,500.00 + 20% of the excess over 400,000.00
Over 800,000.00 but not over 2,000,000.00 = 102,500.00 + 25% of the excess over 800,000.00
Over 2,000,000.00 but not over 8,000,000.00 = 402,500.00 + 30% of the excess over 2,000,000.00
Over 8,000,000.00 = 2,202,500.00 + 35% of the excess over 8,00,000.00

For married individuals, the husband and wife, subject to the provision of Section 51(D) hereof, shall compute separately their individual income tax based on their respective total taxable income: Provided, That if any income cannot be definitely attributed to or identified as income exclusively earned or realized by either of the spouses, the same shall be divided equally between the spouses for the purpose of determining their respective taxable income.

Provided, that minimum wage earners as defined in Section 22(HH) of this code shall be exempt from the payment of income tax on their taxable income: Provided, further, That the holiday pay, overtime pay, night shift differential pay and hazard pay received by such minimum wage earners shall likewise be exempt from income tax.

Source: Republic Act No. 10963 - Republic of the Philipppines, Congress of the Philipppines, Metro Manila, Seventeenth Congress, Second Regular Session.
0 Comments



Leave a Reply.

    Author

    .

    Archives

    November 2020
    February 2019
    August 2018
    March 2018
    January 2018
    December 2017
    November 2017
    September 2017
    December 2016
    February 2016
    January 2016

    Categories

    All
    TRAIN RA 10963

    RSS Feed

Powered by Create your own unique website with customizable templates.
  • HOME
  • OUR SERVICES
    • TAX COMPLIANCE & ACCOUNTING
    • BUSINESS REGISTRATION
    • BACK OFFICE SUPPORT SERVICES
    • BUSINESS PROCESS OUTSOURCING
    • PAYROLL SERVICES
    • VIRTUAL ASSISTANT
    • FINANCIAL PLANNING
    • ASSET MANAGEMENT
    • HUMAN RESOURCES
  • About
  • ARTICLES
    • TESTIMONIALS
    • BLOG
  • CONTACT US
  • SERVICES