The newly approved TRAIN tax reform law also adjusted the tax rates on certain passive income, in addition to revised personal income tax rates and new taxes imposed on oil, sugary beverages, tobacco, mining, etc. Last February 2018, the Bureau of Internal Revenue (BIR) released
The new personal income tax rates are now in effect starting January 1, 2018 after the approval of the TRAIN tax reform law of the Philippines. Differences of TRAIN vs. Old Income Tax Tables Compared to the old tax rates which were in use until the
Here is a sample computation showing the applicable tax rules for Minimum Wage Earners (MWE), as reiterated in BIR Revenue Regulations 8-2018. Tax Rules for Minimum Wage Earners From the Bureau of Internal Revenue’s (BIR) RR 8-2018: Minimum wage earners shall be exempt from the
What are VATable and VAT-exempt items under the recently approved Tax Reform for Acceleration and Inclusion or TRAIN Law implemented starting 2018? To recap, the TRAIN tax reform program includes various provisions that touch on reducing personal income taxes while increasing taxes on products such as sweetened
The Bureau of Internal Revenue (BIR) has released the implementing guidelines related to the revised Excise Taxes to be charged on cars and automobiles starting 2018, as mandated in the TRAIN bill signed into law by Pres. Rodrigo Duterte. Here’s a copy of the entire
Here’s a copy of the Revenue Regulation released by the Bureau of Internal Revenue (BIR) this February 2018 dealing with updated tax rates on petroleum products, as mandated in the approved TRAIN Law. You may view below the full content of the BIR Revenue Regulation.