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 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.
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
A new Social Security System (SSS) Monthly Contribution Table was adopted effective January 1, 2014 after the pension fund increased the monthly contribution it requires from members. Back then, the SSS implemented a 0.6% increase in member contributions, shared equally by both the Employer and Employee. The increase
What are the applicable tax rules for mixed income earners under the approved Tax Reform for Acceleration and Inclusion or TRAIN? You can find the answer below. (UPDATE): The BIR’s Revenue Regulations RR 8-2018 contains the implementing guidelines on how to compute income taxes for Mixed