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Fit - Tax Table 2

The document outlines the income tax rates for individuals in the Philippines for taxable income per year. It provides the following tax rates: 1) 0% for taxable income up to P250,000 2) 15% of the excess over P250,000 for income from P250,000 to P400,000 3) A sliding scale of tax rates from 20% to 35% for income over P400,000, with higher rates applied to higher income amounts.

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157 views4 pages

Fit - Tax Table 2

The document outlines the income tax rates for individuals in the Philippines for taxable income per year. It provides the following tax rates: 1) 0% for taxable income up to P250,000 2) 15% of the excess over P250,000 for income from P250,000 to P400,000 3) A sliding scale of tax rates from 20% to 35% for income over P400,000, with higher rates applied to higher income amounts.

Uploaded by

zipaganermy15
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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TAXABLE INCOME PER YEAR INCOME TAX RATE

P250,000 and below 0%


Above P250,000 to 400,000 20% of the excess over P250,000

Above P400,000 to 800,000 P30,000 + 25% of the excess over 400,000

Above 800,000 to 2,000,000 P130,000 + 30% of the excess over P800,000

Above P2,000,000 to P8,000,000 P490,000 + 32% of the excess over P2,000,000

Above P8,000,000 P2,410,000 + 35% of the excess over 8,000,000


INDIVIDUALS
Corporations
PASSIVE INCOME Citizen Alien
RC NRC RA NRAETB NRANETB DC RFC NRFC
INTEREST: [on banks only]
Interest or yield on local currency deposit: [SHORT: LESS THAN 5 YRS]
1. Bank deposit (savings, time)
2. Deposit substitute
3. Money market placements 20% 25% 20% 25%
4. Trusts funds (CTF, UITF, IMA)
Interest inc from long term deposit or investment: [LONG: AT LEAST 5 YRS]
1. Common or Individual Trust Funds
2. Deposit
3. Deposit substitute 20%
4. Investment Management Accounts
Exempt 25% (RIT for deposit
substitute issued
25%
5. Investments in the form of savings
by non-banks)
6. Other investments evidenced by certificates prescribed by the BSP

Pre-termination of long-term deposit or investment:


1. Less than 3 years held 20%
2. 3 years to less than 4 years held 12% 25% 20% 25%
3. 4 years to less than 5 years held 5%
Interest Income on FCDU Deposit from a depositary bank [only resident] 15% Exempt 15% Exempt Exempt 15% Exempt

Interest income by FCDU banks N/A 10% N/A

Interest income on foreign loans N/A 20%


DIVIDENDS (Cash or Property):
1. From a Domestic Corporation, ordinary partnership, etc 10% 20% 25% Exempt 15%
2. From a Foreign Corporation (resident and non-resident) REGULAR INCOME TAX RULES APPLIES
ROYALTIES:
1. In general (not books, not literary works, not musical compositions) e 20% 25% 20% 25%
books
2. Cinematographic and similar works 20% 25%
2. From books, literary works and musical compositions [printed] 10%
PRIZES:
2. Above P10,000 20%
1. P10,000 and below RIT
25% RIT 25%
WINNINGS
1. In general [ü Bingo, Casino] [ûPercentage tax winnings] RIT
20%
2. PCSO and Lotto winnings - a More than P10,000 25% 20% 25%
a. P10,000 and below in amount Exempt Exempt
INFORMER’S TAX REWARD 10% regardless of the taxpayer
2023

TAXABLE INCOME PER YEAR INCOME TAX RATE


P250,000 and below 0%
Above P250,000 to 400,000 15% of the excess over P250,000

Above P400,000 to 800,000 P22,500 + 20% of the excess over 400,000

Above 800,000 to 2,000,000 P102,500 + 25% of the excess over P800,000

Above P2,000,000 to P8,000,000 P402,500 + 30% of the excess over P2,000,000

Above P8,000,000 P2,202,500 + 35% of the excess over 8,000,000

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