To combat the spread of this COVID-19, the government issued Republic Act No. 11469 known as “Bayanihan to Heal as One Act”
This article will summarize the effect of train law on our Philippine Taxes. Train law has a great impact on personal income tax, value-added tax, donor’s tax, documentary stamp tax (DST) and, on excise taxes. It gives a detailed discussion on the mentioned taxes.
PWD person is entitled to a 5% special discount on the retail price of the necessities and prime commodities.
Latest tax updates on the reduction of life insurance, creditable withholding tax on top withholding agents, VAT Exempt for Sale of Drugs for Diabetes, High-Cholesterol, and Hypertension, Input Tax for VAT Exempt Drugs and rulings on estate tax filing.
New tax base for value-added tax (vat) under train law from 1,919,500 to 3, 000,000 threshold with the same tax rate of 12%.
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 company. Learn vat invoices update 2018.
Here are the lists of 13 approved tax reform in 2018 under the RA 10963 signed by the President of the Republic of the Philippines and implemented on the 1st day of January 2018. This update includes the new income tax rates, documentary stamp tax, donor’s tax rate, estate tax, excise taxes, fringe and de minimis benefits and other approved train tax law reform.