THE Bureau of Internal Revenue (BIR) recently issued Revenue Regulations (RR) No. 8-2018 implementing the rules and regulations of the new personal income tax rates under the Tax Reform for Acceleration and Inclusion Act (TRAIN) Law (Republic Act No. 10963).
IN compliance with Sec. 40 of Republic Act No. 10963 or the Tax Reform for Acceleration and Inclusion Act, the Bureau of Internal Revenue (BIR) issued a tax advisory providing instructions for percentage taxpayers under Title V of the 1997 Tax Code.
Since Republic Act No. 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN) law took effect on Jan. 1, the implementation of certain provisions of the law has become an endless topic in various fora especially amongst taxpayers who are greatly affected. To ensure that the TRAIN will smoothly reach its destination, the Bureau of Internal Revenue (BIR) has been very proactive in addressing the concerns of bewildered taxpayers through public consultations, seminars, and various issuances. In fact, five revenue regulations (RRs) and a number of revenue memorandum circulars (RMCs) have been issued since January to implement certain provisions of this new law. This notwithstanding, taxpayers still find themselves in the dark in the absence of formal implementing rules and regulations, especially on income tax and value-added tax (VAT).
THE Bureau of Internal Revenue has issued Revenue Regulations (RR) No. 6-2018 revoking RR No. 12-2013, relative to the deductibility of certain expenses.
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.
TO ease the burden of common taxpayers and to provide additional resources for funding social and economic infrastructure that will benefit the poor, President Rodrigo R. Duterte signed into law on Dec. 19 Republic Act (RA) No. 10963. Also known as the “Tax Reform for Acceleration and Inclusion (TRAIN),” the Act amends and repeals certain provisions of the previously amended RA No. 8424, otherwise known as the National Internal Revenue Code of 1997.
For a long time now, recovering from a loss as massive as being denied of their right to claim a refund for the creditable input value-added tax (VAT) they paid has been a key issue for diligent taxpayers. This issue remains a conundrum that is worthy of review and clarification every now and then. With the rise of VAT refunds denied because of technicalities, taxpayers are now keen on seeking justice with their own hands. Thus, a loss of a loss — i.e., when denied a claim, which is a significant loss on their part, taxpayers are convinced they can deduct the same as a loss.
It’s that time of the year again —twenty-six days before Christmas. Every year, I look forward to the holiday season — when we have to decorate our houses, set up Christmas trees, hang lights around the house, and buy gifts for our loved ones. We prepare the long list of family members, friends, godsons, and goddaughters, so no one will be forgotten. As early as now, many, of us have been preparing for the upcoming holidays.
