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
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
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
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