Tax on Income.

TITLE II

TAX ON INCOME

CHAPTER III

TAX ON INDIVIDUALS

SEC. 24. Income Tax Rates. -

(A) Rates of Income Tax on Individual Citizen and Individual Resident Alien of the Philippines.

(1) An income tax is hereby imposed:

(a) On the taxable income defined in Section 31 of this Code, other than income subject to tax under Subsections (B), (C) and (D) of this Section, derived for each taxable year from all sources within and without the Philippines be every individual citizen of the Philippines residing therein;

(b) On the taxable income defined in Section 31 of this Code, other than income subject to tax under Subsections (B), (C) and (D) of this Section, derived for each taxable year from all sources within the Philippines by an individual citizen of the Philippines who is residing outside of the Philippines including overseas contract workers referred to in Subsection(C) of Section 23 hereof; and

(c) On the taxable income defined in Section 31 of this Code, other than income subject to tax under Subsections (b), (C) and (D) of this Section, derived for each taxable year from all sources within the Philippines by an individual alien who is a resident of the Philippines.

The tax shall be computed in accordance with and at the rates established in the following schedule:

Not over P10,000…………………………………....5%

Over P10,000 but not over P30,000………………P500+10% of the excess overP10,000

Over P30,000 but not over P70,000………………P2,500+15% of the excess overP30,000

Over P70,000 but not over P140,000……..………P8,500+20% of the excess overP70,000

Over P140,000 but not over P250,000……………P22,500+25% of the excess overP140,000

Over P250,000 but not over P500,000……………P50,000+30% of the excess overP250,000

Over P500,000 …………………………..... P125,000+34% of the excess overP500,000 in 1998.

Provided, That effective January 1, 1999, the top marginal rate shall be thirty-three percent (33%) and effective January 1, 2000, the said rate shall be thirty-two percent (32%).

For married...