BIR lowers income tax rate for individual, single proprietor taxpayers

The Bureau of Internal Revenue (BIR) is reducing the annual income tax rates for individual and single proprietor taxpayers starting next year.

BIR Commissioner Romeo D. Lumagui, Jr. said the lower tax schedule is prescribed by the Tax Reform for Acceleration and Inclusion (TRAIN) Law.

While the tax exemption is maintained for income of P250,000 and below, the BIR chief said the rest of taxpayers will be subject to