Tag: tax exempt

Higher take-home pay awaits Filipino workers as the income tax system will finally be amended two decades after it was enacted. Under the Senate ways and means committee report, the first P150,000 annual taxable income will be exempted, while retaining the P82,000 tax exemption for 13th month pay and other bonuses and the maximum P100,000 additional exemption for up to four dependents. This translates to an approximate tax-exempt monthly income of P25,000 for workers with four dependents. With this proposal, almost all or 99% of the 7.5 million individual income taxpayers will enjoy lower income tax rates, while 81% or 6.1 million income taxpayers will be exempt from paying income taxes, based on data from the Bureau of Internal Revenue (BIR). Currently, only the 2 million ...