New tax rate targets top earners

Friday, February 06, 2026 | 740 Views |

Making plans: The Finance Ministry has made proposals for new tax rates

The Finance Ministry is proposing the introduction of a new rate for personal income tax, which will see those earning P33,333 per month and above paying at 27.5%, rather than the current top tax rate of 25%.

BusinessWeek has learnt that new tax changes, including higher rates for corporate tax and International Financial Services Centre companies, are due to be tabled and debated in the upcoming sitting of Parliament.

The new changes will shore up government’s revenues at a time when other drivers, such as minerals, especially diamonds, are strained.

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New tax rate targets top earners

The Finance Ministry is proposing the introduction of a new rate for personal income tax, which will see those earning P33,333 per month and above paying at 27.5%, rather than the current top tax rate of 25%.