Mindanaotoday.com | BIR-RR16 implements lower income tax rates
By: Apipa Bagumbaran
CAGAYAN DE ORO CITY – The Bureau of Internal Revenue (BIR) Revenue Region-16 (RR-16) confirmed the implementation of lower tax rates starting this year.
During a virtual learning session organized by the Regional Association of Government Communicators-10 (RAGCOM-10) and the Philippine Information Agency-10, BIR RR-16 Revenue Officer II Sittie Norhata Calbe said taxpayers, except those with taxable income of more than P8 million, will have lower tax rates ranging from 15% to 30%.
Individual taxpayers with annual taxable income amounting to P250,000 or below are still exempt from paying personal income tax.
A 35% tax rate applies for individual taxpayers whose annual taxable income exceeds P8 million.
In 2022, BIR RR-16 collected P14.68 billion, up 18.24% compared to its collections in 2021. This amount is also 2.85% above its target collection for the year. (APB | PIA-10)
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