Philippine Income Tax 2024. This guide breaks down the essential information you need to know. Follow these steps to calculate your income tax return, tax due, and tax payable.
Income tax is imposed on the yearly profits or earnings that individuals and businesses generate from various sources, such as property, professions, trades, or offices. For individuals receiving salary and other allowances from one employer only, the tax due is usually equal to tax withheld since the employer is required to compute and withhold.