Revised Income Tax Table for 2023
Income Tax Table for 2023
TRAIN Law increases take-home pay in the new Income Tax Table for 2023.
Good news arrives for Filipino employees, as the Tax Reform for Acceleration and Inclusion (TRAIN) Law has implemented an increased take-home pay for 2023, along with a reduction to the worker’s personal income taxes. The revisions to the TRAIN Law now decree that employees earning solely from compensation income and have a total taxable earning of less than 8 million yearly will receive lower taxes ranging from
15% to 30% beginning January 1, 2023.
Additionally, those who have a taxable income higher than 8 million will get a
3% increase in their tax rate, going from 32% to 35%.
Income Tax Rate Table in 2023
The new Income Tax Table applicable from 2023 onwards can be seen below:
Sources: BIR and WWW.pinoymoneytalk.com