Philippines Notes Reduction in Personal Income Tax Rates from 2023

The Philippines Department of Finance recently issued a release reminding taxpayers of a further personal income tax rate reduction with effect from 1 January 2023 as provided by the Tax Reform for Acceleration and Inclusion (TRAIN) Act (Republic Act No. 10963). The TRAIN Act, approved in 2017, provided for a reduction in personal income tax rates with effect from 1 January 2018, with a further reduction as follows from 1 January 2023:

• up to PHP 250,000 - 0%
• over PHP 250,000 up to 400,000 -…