Day: February 6, 2019

How to Compute: 8% BIR Income Tax Rate for Self-Employed and Professionals

The Philippine Bureau of Internal Revenue (BIR) released last May 2018 a new Revenue Memorandum Order (RMO) covering the availment of the 8% income tax rate option for professionals and self-employed individuals. The BIR memo (RMO 23-2018) provides clear guidelines and instructions on how to avail the 8% income tax rate, under the approved TRAIN …

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BIR Computations: TRAIN Tax for Self-Employed and Professionals

If you are a professional or self-employed individual receiving income purely from self-employment or your practice of profession, here are the updated BIR rules as regards your tax liability under the approved TRAIN law. The tax rules and sample computation are reiterated in Revenue Regulations of the Bureau of Internal Revenue RR 8-2018. Tax Rules for Self-Employed …

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