Did you know that there are changes to your taxes this upcoming year? Both TRAIN law and CREATE law have provisions that will automatically take effect in 2023.
Individuals earning P250,000 and below are still exempt from taxes, but everyone else will be paying less taxes this coming year.
CREATE Law also granted certain temporary reliefs to taxpayers, which would be automatically lifted starting July 1, 2023. Specifically, the percentage tax, the Minimum Corporate Income Tax, and the special income tax for non-profit proprietary educational institutions and hospitals – which were all previously lowered to 1% – would be going back to their original tax rates.
For a full overview of the changes, check out: https://tinyurl.com/462zjkak