Wow… Finally Some Good News?
While it’s not 100% sure yet, there’s actually a good possibility that our income taxes will be lowered. This is the withholding tax that’s taken from our salaries (usually around 25%-30%). According to Markina Representative Miro Quimbo, the Committee on Ways and Means is set to approve a bill that will change income taxes to the following rates:
- Php180,000 a year will be exempted
- Php180,000-Php500,000 will pay 9%
- Php500,001-Php10,000,000 will pay 17%
- Over Php10,000,000 will pay 30%
Let’s all keep our fingers crossed that this gets approved in the lower house and the Senate. If Pnoy signs this into law this year then Mar Roxas might actually win come 2016, hehe. :P
If you want to find out how much income tax you’re currently paying per payroll, head on over to the Income Tax Calculator of Rappler here. You can also download the app SWELDONG PINOY on Google Play (free).