As the third tranche of TRAIN rolls in, how much will you pay in income taxes in 2023?
Income taxes are about to come down again next year as the third tranche of the Tax Reform for Acceleration and Inclusion (TRAIN) takes effect starting Jan. 1, 2023.
While those earning P250,000 and below per year are still exempt from paying income taxes, those earning higher incomes will see their tax dues go down, except for those earning P8 million or higher.
Tax expert Mon Abrea said that with the new rates, a worker who earns P30,000 a month will soon enjoy an additional take home pay of P485.35 monthly.
Those who earn P50,000 per month will have P1,485.23 in tax savings, while those earning P100,000 monthly can expect P3,958.23 in savings per month.
People who earn P250,000 every month will enjoy an additional P18,124.49 savings per month, according to Abrea.