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.
IN line with Republic Act (RA) No. 10963, also known as the “Tax Reform for Acceleration and Inclusion (TRAIN)”, the Bureau of Internal Revenue (BIR) has circularized the revised withholding tax table through its Revenue Memorandum Circular (RMC) No. 105-2017.
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.
As business practices evolve and transactions become more complex, the world of financial reporting continuously changes to address the increasing needs of the business community.
