For proper guidance, here is the revised tax table for 2023, to compute the annual tax due from preceding illustrations: Illustration 3. For Illustration 1, the computed taxable income is P280,000 ...

Proposals to impose a luxury or wealth tax are off the table, according to Finance Secretary Benjamin Diokno, who says it will not effectively raise the country’s tax collection.

The tax filing and payment deadline for 2019 annual income tax returns was extended to 14 June 2020 (initially extended to 15 May 2020) without imposition of penalties to taxpayers.