P402500 30 of the excess over p2000000 6 above

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P402,500 + 30% of the excess over P2,000,000 6 Above P8,000,000 P2,202,500 + 35% of the excess over P5,000,000 Source: Personal Income Tax rates to be lowered further starting year 2023 From year 2023 onwards, the income tax rates will be further adjusted, as follows: Those earning an annual salary of P250,000 or below will continue to be exempted from paying income tax. Those earning between P250,000 and P400,000 per year will be charged a lower income tax rate of 15% on the excess over P250,000. Those with annual salaries from P400,000 to P800,000 will have withholding taxes of P22,500 plus 20% of the excess over P400,000. Salaried employees with annual incomes between P800,000 and P2 million will be charged a fixed amount of P102,500 plus 25% on the excess over P800,000. Those receiving salaries between P2 million and P8 million per year will be charged P402,500 plus 30% of the excess over P2 million. Finally, the highest income segment of employees with annual salaries of at least P8 million will pay P2.2025 million plus 35% of the excess over P8 million.
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