FINANCIAL STATEMENT

ABC Company
Projected Income Statement
December 2024

Sales Revenue ………………………………………………………… …………………… P ---------

Less: Cost of Goods Sold ………………………………………………………………… P ---------
(Please specify COGS)

Gross Profit ………………………………………………………………………………… P ---------

Less: Operating expenses

Salary of Employee P --------

Rent P --------
Electricity P --------
Water P --------
(Other OPEX please specify)
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..
..
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Total Operating Expense…………………………………………………………. P -------

Net Income …………………………………………………………………………………….P ---------

Income Tax Rate Table in 2023

The new Income Tax Table applicable from 2023 onwards can be seen below:

Annual Income Tax Rate

PHP 250,000 and below None (0%)
Above PHP 250,000 to PHP 400,000 15% of the excess over PHP 250,000

Above PHP 400,000 to PHP 800,000
Above PHP 800,000 to PHP 2,000,000
Above PHP 2,000,000 to PHP
8,000,000
Above PHP 8,000,000
Sources: BIR
PHP 22,500 + 20% of the excess
over PHP 400,000
PHP 102,500 +25% of the excess
over PHP 800,000
PHP 402,500 +30% of the excess
over PHP 2,000,000
PHP 2,202,500 +35% of excess
over PHP 8,000,000