Tax Reform for Acceleration and Inclusion (For Employees and Self-Employed/Professionals)
This Tax Alert is issued to inform all concerned on the significant provisions of the Tax Reform for Acceleration and Inclusion (TRAIN) Act or Republic Act (RA) No. 10963 on taxation of employees and self-employed or professional individuals.
The summary is based on our interpretation of the provisions of the law. Should there be different interpretations in the implementing regulations that will be issued by the Bureau of Internal Revenue, such interpretations shall prevail. We shall issue another Tax Alert as soon as the implementing regulations are released.