Taxpayers in the Philippines have been clamoring for income tax reform for years. Individual income tax rates have not been adjusted since 1997, despite the inflation rate increasing year after year. These persistent calls for lower income tax rates have, however, remained unheeded. One of the components of the said tax reform program is lower personal income tax. Under the current income tax schedule, he will incur a total income tax due amounting to P171,400.

Source: Manila Times October 09, 2016 16:18 UTC