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National Internal Revenue Code of 1997 5th Edition
AMONG the changes brought about by the implementation of Republic Act No. 10963 or the TRAIN Law are the revised tax rates for final tax and percentage tax. However, the tax returns/forms for these taxes have not yet been updated and reflected in the electronic Filing and Payment System (eFPS) and electronic BIR (eBIR) forms. Pending the revision or enhancement of the returns/forms, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 2-2018 on Jan. 8.
One of the concerns of corporate taxpayers is how to optimize their assets, including input value-added tax (VAT), for day-to-day operations. When the input VAT remains unutilized for a long period, however, it becomes a trapped asset.
How is your new year so far? Hopefully, you are off to a good start. On the last Sunday of 2017, I was blessed to hear the message preached in our local church.
For individual taxpayers, the offshoot of the approval (and line item veto) of Republic Act No. 10963 or the Tax Reform for Acceleration and Inclusion Act (TRAIN Law) is uncertain.
THE Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular No.1-2018, lowering the expanded withholding tax (EWT) rate on income payments to self-employed individuals and professionals to eight percent from 10 percent or 15 percent, regardless of the amount of income payment.
MANY tax laws have been passed that affect Filipinos’ purchasing power. Not much effort was previously observed among lawmakers to lessen Juan dela Cruz’s tax burden—not until Duterte’s administration. Republic Act (RA) No. 10963 or Tax Reform for Acceleration and Inclusion (TRAIN) was signed into law by President Rodrigo Duterte on December 19, 2017. The signing of the TRAIN law is a much-awaited gift in time for the holidays and new year.
There were still some more friends we had to meet up with over the weekend as part of our Christmas activities.
New Year, perhaps, is the most celebrated occasion around the globe. People stay awake to greet midnight, most often, with fireworks and loud noises at the stroke of 12.
