Highest personal income tax around the world
Income Tax

5 Countries with the Highest Income Tax Rates-Read before you Migrate

If you can’t stop complaining about how much deductions you get for every paycheck, you might want to start counting your blessings. There are many countries around the world that have outrageous taxes so before you decide to migrate, make sure you get your facts straight. Unlike VAT, estate tax or donor's tax, income tax is paid depending on your income alone, in the Philippines that is. In other countries, income tax has a whole…

Documentary Stamp Tax

4 Train Law Updates 2020: Everyone Must Know

It’s been two years since the Philippine government imposes the train law. Are you looking for train law updates 2020? In the previous article “Latest Train Law Issuance 2019,” I’ve discussed significant changes in train law taxes. Some of these adjustments are the new rates on life insurance, creditable withholding tax on top withholding agents. Also, VAT exempt for sale of Drugs for Diabetes, High-Cholesterol, and Hypertension and estate tax filing and installment payments. If…

hilarous taxes

10 of the Weirdest Taxes Around the World-#5 is Hilarious

Not many things are defined in our unpredictable lives, but taxes sure are. It's safe to say that taxes make the world go round and sometimes give us a laugh while it's at it. You would think taxation is a serious matter and, therefore, only for 'serious' things, but there are tons of taxes that are outright weird. Here is a list of the weirdest taxes in America and around the world. Watch out for…

effect of train law
Donor's Tax

What is the Effect of Train Law on the Philippine Tax?

In every change made, there is always a positive or negative effect on the existing rule. This effect could affect the entire system or might touch on the portion of an order. For example, if you change your eating habits, there could be a favorable or unfavorable effect on your body. This effect might feel you uncomfortable at first. Let's see what is the effect of train law on our tax system. Let's answer some…

Value Added Tax

What You Should Know About PWD Discount 2019?

Do you want to know what are the benefits and a special discount is given by the government to the pwd?  If you're taking care of a person with a disability and you want him to avail the discount and benefits, you must have to get first his pwd ID. If you don't have yet your pwd ID, here are the basic tips and procedures in getting pwd ID. This article includes also the updated…

Estate Tax

Latest Train Law Issuance 2019

Have you read the latest issued revenue regulations and memorandum this year 2019? If you haven't, here are five (5) tax updates this year 2019 that you should read. What are these updates 2019? These updates include first, new tax rates for life insurance and insurance in a foreign insurance company. Second, the creditable withholding tax for top withholding agents for their purchases of goods and services on their suppliers. It also defines who are…

Documentary Stamp Tax

What is the Effect of Train Law to Documentary Stamp Tax?

Is there any good effect of train law to the documentary stamp tax? Documentary stamp tax train law is commonly known as "DST". DST is imposed not on the transactions but tax is imposed on the exercise of certain rights. DST train law has no fixed rate but it depends on the nature of the transactions. Here is the documentary stamp tax rate under train law. Let's see what's the effect of train law on…

Withholding Tax

Withholding Tax Train Law

Did you know that some taxes are confusing to the government to collect? One of these taxes is withholding tax train law. What is really the impact of train law on withholding tax? Does it make better or get worst?  Let's see the impact of train law on withholding tax. In this article, you will know the increase or decrease in the withholding tax rate and any changes to creditable and expanded withholding tax. These…

Income Tax

How to Compute Delinquent Interest on Tax Due 2019?

Recently, the Bureau of Internal Revenue(BIR) issued the Revenue Regulation no. 21-2018 to impose the new interest rate on deficiency tax due. This regulation was issued on September 14, 2018. The previous interest rate on deficiency tax due was 20% and it decreases due to the implementation of train law 2019 to 12%. Here is the details on the new interest rate on deficiency tax due for this year 2019. (more…)

Value Added Tax

Value Added Tax (VAT) under Train Tax Law

On March 15, 2018, the Bureau of Internal Revenue in the Philippines issued the RR NO. 13, 2018. This regulation issued is to implement the Value Added Tax provisions under the Tax Reform for Acceleration and Inclusion (TRAIN). What is the effect of train law on value-added tax? Does it make better or get worst? Well, this article will give you the information that you should know about value-added tax (VAT) train law. It includes…

Excise Tax

Invasive Cosmetic Surgery Tax Train Law

The appearance of a person is very important to us either at work, school or even social media. To change their appearance many people wanted to change their look according to their likes and this transition is called the surgery. You might be wondering, is it subject to tax under the train tax law in the Philippines? Let's start the definition of cosmetic surgery and what type of surgery is taxable under train law. (more…)

Donor's Tax

Donor’s Tax Train Tax Law 2019 in the Philippines

Donor tax is the tax on the transfer of gifts without consideration. These gifts might come from your parents, friends, loved ones or from your employer.  But how does the government make sure that these transactions are taxed? To regulate some malpractices and other forms of tax evasions in the Philippines, the government imposed a tax called “Donor’s tax”. Let's start to discuss what's new on our "donor's tax train law". (more…)

filing real property tax
Property Tax

Filing Real Property Tax in the Philippines

MOST of the local governments in the United States implement a millage rate on property tax. This tax serves as a principal source of income. In the Philippines, only a few real estate brokers are engaging in this kind of business. Well, do you know how to file real property tax in the Philippines? If not sure, this article will help you in filing real property tax in the Philippines. If you’re planning to sell…

vat invoices updates train law in the Philippines
Value Added Tax

VAT Invoices Update under Train Law 2018

Does this train tax law reform affect your business? If yes, your sales income or receipts might not be subject to value-added tax 2018. Hence, your receipts with VAT registered is no longer necessary. Yes, receipts are very important not only to help the Bureau of Internal Revenue (BIR) in collecting taxes but also for recording purposes. In fact, this document is vital in accounting purposes in recording the sales, purchases or expenses of the…

estate tax train law in the Philippines
Estate Tax

Estate Tax Train Law in the Philippines

Are you wondering about the new Estate tax train law? Why should you be interested in these new rules regarding the imposition and payment of estate? If you’re an heir, administrator or trustor of the estate of the decedents you should read these changes before filing your estate tax. However, if you're planning to buy real properties in the Philippines here are things that you should know before putting your cash into this investment. (more…)

Income Tax

De minimis BenefitsTrain Law 2019

Does train tax reform affect the de minimis benefits in the Philippines?  The answer is Yes. This update will help you to know the de minimis benefits new ceiling amount 2018 and on how to compute your withholding tax and individual income tax.  After the discussion of de minimis benefits, you will learn how to compute and up to what amount of income is still not subject to tax. Well, before answering this question let…

personal income tax train law
Income Tax

Personal Income Tax Train Law

These are the things you should know before filing your income tax this year under TRAIN law 2018. This article will discuss the new income tax rates and other updates regarding individual tax rate train law 2018. If you are a student who is studying taxation, these things will help you to understand the new personal income tax train law in the Philippines under the RA 10963 otherwise Known as the Tax Reform for Acceleration…

Income Tax

Tax Rate from Unrelated Incomes

Do you know that all incomes of Educational Institutions are subject to corporate income tax in the Philippines? However, not all educational institutions are all subject to corporate income tax. One of these is proprietary educational institutions. Learn this corporate income tax update. In this article, it will include the definition, income tax rate, allowable deductions, and passive income. You will learn also why income from unrelated activities of educational institutions is subject to tax.…