Did you know that there are other provisions in the approved TRAIN tax reform aside from the reduced personal income tax rates, new sugar tax, oil and fuel tax, and automobile excise tax? By now, we’re most likely familiar already with those tax items. Still,
The Philippine tax reform bill, known as TRAIN or Tax Reform for Acceleration and Inclusion, was signed into law by Pres. Rodrigo Duterte on December 19, 2017. The tax implementation of TRAIN began on January 1, 2018. In this article, we focus on the approved Personal Income
What taxes are included in the new Philippine tax reform program, also known as TRAIN? We summarize below a list of revised and brand-new taxes that are part of the approved Tax Reform for Acceleration and Inclusion or TRAIN law initiated by the Department of Finance
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
Wondering if you’re eligible to avail of the 8% income tax rate for self-employed and professionals under the TRAIN tax law? Wonder no more since the Bureau of Internal Revenue (BIR) has finally released an official memorandum explaining the mechanics of the 8% tax rate availment
Are you a mixed income earner? Do you receive income simultaneously from compensation or from self-employment or business or practice of profession? If yes, then here are the applicable BIR rules as regards your tax obligation under the approved TRAIN law. The relevant tax rules
How much is the new withholding tax rate on incomes of self-employed and professionals and how to compute the income tax that they are supposed to pay? We explain the answers in this easy-to-read guide below. Under the TRAIN law or Republic Act (RA) No.
The Bureau of Internal Revenue (BIR) has released the implementing guidelines related to Withholding Taxes on Compensation Income, as mandated in the TRAIN bill signed into law by Pres. Rodrigo Duterte. Here’s a copy of the entire BIR Revenue Regulation. You may also download below