MANILA: The Tax Reform for Acceleration and Inclusion’s (Train) first package promised citizens higher take-home pay through the reduction of personal income tax.
A key component of the bill, the Department of Finance (DOF) said on its website, is that with the tax reform in place, “effective tax rates will be lowered for 99% of tax payers For starters, minimum wage earners will continue to be tax exempt. New income tax rates also see those earning an annual salary of P250,000 or about P22,000 monthly and below exempt from paying income tax.