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The term “tax net” refers to “the mechanism for ensuring that people and companies pay their taxes.”
According to the October 2000 Awake! magazine article, “Is It Wise to Invest in the Stock Market?,” “the apparent ease of trading stocks online and gaining access to information previously reserved for brokers and professional traders has prompted many individual investors to take up day trading, the buying, and selling of stocks full-time.
The passage of Package 1 of the Tax Reform for Acceleration and Inclusion (TRAIN) law is considered by many a welcome change, particularly to individual taxpayers.
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 start of the year has been good for taxpayers who are under investigation, as new tax rules introduced some changes that will benefit them. Changes such as the lowering of the deficiency interest rate, the no simultaneous imposition of deficiency and delinquency interest, and allowing the deduction of an expense for which necessary withholding tax was belatedly paid are sure to be of great help.
Dear Heavenly Father, We praise You, we glorify You, and we thank You for the countless blessings and guidance that You continuously provide us.
Everyone has a wish list. The Merriam-Webster Dictionary defines “wish list” as “a list of desired but often realistically unobtainable items.”
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.
