DOF assures more money in taxpayer’s pocketIndividuals who are earning not more than P250,000 per year, including 13th month and other bonuses, will no longer have to pay income taxes by 2018 under the proposed bill submitted by the Department of Finance (DOF) to Congress. (mb.com.ph) MB FILE – Department of Finance logo(mb.com.ph)Based on the DOF data, the higher tax exemption ceiling will benefit 4.7 million taxpayers, or individuals whose monthly income dos not exceed P19,231. From 2019 and onwards, those in the second bracket would have to pay a personal income tax of only 15 percent. A total of 539,465 individual taxpayers would benefit from this lower tax rate under the second bracket. From 2019 and onwards, the tax rate would be dropped to P1,302,500 plus 35 percent in excess of P5 million.

Source: Manila Bulletin October 05, 2016 09:33 UTC