New measure reduces tax burden of Filipinos

  • Page Views 1706
  • President Rodrigo Roa Duterte signed into law Republic Act 10963, otherwise known as the “Tax Reform for Acceleration and Inclusion (TRAIN) Act, which reduced the tax burden of common Filipino taxpayers.

    Individuals earning an annual net income not over P250,000 shall now be tax-exempt effective January 1, 2018.

    Also, filing of income tax return for those earning not over P250,000 annually is no longer required.

    The new law further increased the ceiling of tax exclusion of 13th month pay and other benefits to P90,000.

    Previously, self-employed and professionals pay a graduated income tax at the rate of 5% to 32%. With TRAIN, self-employed individuals and professionals shall have the option to avail of an 8% tax on gross sales or gross receipts in excess of P250,000 in lieu of the graduated income tax rates.

    Estate tax on decedents is also amended to a single tax rate of six percent based on the value of the net estate. The standard deduction is likewise increased to P5M, while the value of the family home exemption is increased to P10M.

    The estate tax can now be paid within a year and an installment within two years is provided.

    TRAIN likewise increases the VAT exemption on monthly rentals from ₱10,000 to ₱15,000.

    TRAIN is the first package of the Duterte administration’s comprehensive tax reform program aimed to raise revenues for the government to provide sufficient funding for infrastructure and social services programs.

    PCOO

    Share

    New Posts Recently publish post More

    • 22 September 2022
      7 days ago No comment

      Vhong Navarro under NBI custody for rape charge

      Metro Manila — TV host and actor Vhong Navarro remains under the custody of the National Bureau of Investigation (NBI) as of Tuesday, a day after he was slapped with two arrest warrants over complaints filed by model-stylist Deniece Cornejo in 2014. Navarro’s camp has yet to file a motion ...

    • 22 September 2022
      7 days ago No comment

      Meet and greet with Jinny, Ramon and Surrey Forward

      The Surrey Forward party is ready to serve the city and its residents. Surrey Forward is fielding Jinny Sims as mayoral candidate in the October 15, 2022 local election, and the party also has seven candidates for council. One of these candidates is Filipino Canadian financial professional Ramon Bandong. ...

    • Queen-Elizabeth-King-Charles-2022
      15 September 2022
      2 weeks ago No comment

      Farewell Queen Elizabeth, Long live King Charles!

      The world is mourning the death of Queen Elizabeth II, U.K.’s longest-serving monarch, who died on September 8 at the age of 96. Queen Elizabeth, whose reign spanned 70 years, was succeeded to the throne by her eldest son Charles, who has been proclaimed as King Charles III. The ...

    • 08 September 2022
      3 weeks ago No comment

      Filipino concert scene returns to Vancouver

      After a long hiatus because of COVID-19, the Filipino concert scene is revving up in Vancouver. A series of shows has been lined up starting in the month of September 2022, and ReyFort Media Group is calling on the community to support these events. The ReyFort Media Group wants ...

    • 01 September 2022
      4 weeks ago No comment

      Boni Barcia’s summer soiriee with B.C. NDP and Filipino community

      Boni Barcia hosted a summer party at his Coquitlam residence, which saw leading figures with the ruling B.C. NDP government rubbing elbows with members of the Filipino community. Among those in attendance at the August 28, 2022 bash was David Eby, presumed frontrunner in the race to become the ...

    %d bloggers like this: