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Insights Decreasing Income Tax rates for 2023

Decreasing Income Tax rates for 2023

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Per Republic Act No. 10963, otherwise known as the TAX REFORM FOR ACCELERATION AND INCLUSION (TRAIN) LAW, which took effect on 1 January 2018, individuals earning purely compensation income (including non-business/non-profession related income and single proprietors) can look forward to a higher take-home pay in 2023.
   
Under the TRAIN Law, from 1 January 2023 onwards, those with annual taxable income below ₱250,000 are still exempt from paying personal Income Tax, while the rest of taxpayers, except for those with taxable income of more than ₱ 8 Million, whose rates remain the same as in 2022, will have lower tax rates ranging from 15 percent to 30 percent by 2023.

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