In the Philippines, filing of income tax returns monthly and annually are filed for employed people by their human resource or administrative officer. It's a whole different thing for self-employed people.
To give you an idea on the key things you should now about taxation for married people in the Philippines.
- Income tax percentage is applied progressively depending on your income. This percentage ranges from 5 to 32 % for incomes ranging from P 0 to P 500,000 and above respectively. The 32% percentage applies to income P 500,000 and above.
- Filing of income tax returns is done annually every April 15th. This date is set and in the Philippines, there is no tax extension or anything of that sort so your returns have to be filed on or before that date. Otherwise, fees are going to be added for interest and late payments.
- Deductions for every live child is