What can you expect from the Train Law Package 2? Decrease corporate income tax Regulate fiscal incentives Attract better and high-quality opportunities It hasn’t been that long since the first package of the current administration’s Comprehensive Tax Reform Program (CTRP) was passed into law. The Tax Reform for Acceleration… Read More »TRABAHO: Train Law Package 2 and Its Expected Effects
On April 25, on the deadline of filing the Quarterly Percentage Tax Form, the BIR released RMC 26-2018 which has the new 2551Q form and the submission procedures for manual, eBIRForms, and eFPS. The new 2551Q Form now has a field where you can indicate whether you’re opting for the… Read More »Brand New 2551Q Form (Quarterly Percentage Tax) with 8% Opt In
The Tax Reform for Acceleration and Inclusion, more popularly known as TRAIN, has amended the tax code to increase the VAT Threshold from P1.919 Million to P3.0 Million. If you are a registered VAT taxpayer earning less than P3.0 Million, you may now opt to be non-vat instead. This is… Read More »Tax Reform: How to Change from VAT to Non-VAT
The Income Tax Reform Law (Tax Reform for Acceleration and Inclusion of TRAIN) (RA No. 10963 + veto message) changes a lot of things for the DIY taxpayer. Aside from the forms themselves, the tax reform law also changes the frequency, the processes, and the formula & tax tables that… Read More »TRAIN Law Primer or So what do I file now?
The Tax Reform for Acceleration and Inclusion (more popularly known as TRAIN, less popularly known as RA No. 10963) has been signed. This has opened up more options for Individuals, SME’s, Professionals, and Freelancers when it comes to paying taxes. TRAIN’s New Tax Option In particular, TRAIN gives us a… Read More »TRAIN’s New 8% Tax – Does it really save you money?