It hurts to be No. 1 on this list.
“According to the Tax Management Association of the Philippines, Filipino workers pay the highest income tax in the entire Association of Southeast Asian Nations (ASEAN) region,” reports Alvin Elchico on ABS-CBNnews.com.
In a position paper submitted by the TMAP to Congress, the following facts were revealed:
—A Filipino employee earning a little over PHP500,000 annually is taxed 32% while his Thai counterpart earning the equivalent income is only taxed 10%.
—A worker earning an equivalent PHP500,000 in Singapore pays only 2% income tax. In Vietnam, the tax rate is 20% while in Malaysia, it is 11%.
—In Cambodia, the same income gets 20% income tax while in Laos, a 12% income tax is levied.
—In Brunei, workers who earn the equivalent amount of PHP500,000 do not have to pay any income taxes.
Bottom line: We’re the only one with a 32% tax rate.
Photo from WikiCommons
