CAGAYAN DE ORO CITY (PIA)-- The Bureau of Internal Revenue (BIR) Revenue Region (RR) 16 confirmed the implementation of lower tax rates starting this year. 

During a virtual learning session organized by the Regional Association of Government Communicators (RAGCOM)-10 and the Philippine Information Agency-10, BIR RR-16 Revenue Officer II Sittie Norhata Calbe said taxpayers, except those with taxable income of more than P8 million, will have lower tax rates ranging from 15% to 30%. 

Individual taxpayers with annual taxable income amounting to P250,000 or below are still exempt from paying personal income tax.

A 35% tax rate applies for individual taxpayers whose annual taxable income exceeds P8 million. 

In 2022, BIR RR-16 collected P14.68 billion, up 18.24% compared to its collections in 2021. This amount is also 2.85% above its target collection for the year. (APB/PIA-10)