It’s been 6 months now since TRAIN Law took effect. Let’s see how BIR did so far with regards to implementing the controversial law.
RMC No. 50-2018 clarifying provisions of RRs 8-2018 and 11-2018
The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 50-2018 clarifying certain provisions of Revenue Regulations (RR) Nos. 8-2018 and 11-2018 implementing the income tax provisions, including its consequent withholding tax, of Republic Act No. 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN) Act.
Newly revised BIR Form No. 1701Q
The BIR issued the revised BIR Form No. 1701Q (Quarterly Income Tax Return) January 2018 (ENCS) in conformity with the provisions of the Tax Reform for Acceleration and Inclusion (TRAIN) Law.
Lower income taxes effective January 1, 2018
Effective January 1, 2018, Filipino workers like me will have higher take-home pay due to the lower income tax rates*. Yey!
