Under the new tax reform there are new de minimis thresholds and new ruling for the computation of income tax. There are list of benefits that remains the same as before and some were changed. There is also an illustrative and computation on how to compute income tax under this new de minimis thresholds.
These are the things you should know before filing your income tax this year under TRAIN law 2018. If you are a student who is studying taxation, these things will help you to understand the new income tax in the Philippines under the RA 10963 otherwise Known as the Tax Reform for Acceleration and Inclusion (TRAIN) Act. Learn 6 things about the new income tax ratw 2018.
Here are the lists of some 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 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.
It will help any student who is taking CPA review to stay focused during their six months review whether fresh graduate, working full time or even having Parttime.These tips are based on the opinion of the author. Learn more.
Do you have tips if you’re planning for a review? If not, you must consider to read this article. Going to a review center without planning is like jumping into a pit without knowing what is in there. Well, you need to plan ahead. Make sure you read this before going to a review center.
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 this are proprietary educational institutions. 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 insitutions are subject to tax. Let’s start by knowing the meaning of proprietary educational institutions.