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.
The BIR issued Revenue Regulations No. 13-2018 implementing the VAT provisions of Republic Act No. 10963 (TRAIN) by amending certain provisions in RR 16-2005 (Consolidated VAT Regulations of 2005). Below are the main provisions as identified by Navarro Amper & Co in their Tax News April 2018.
Revenue Regulations No. 11-2018 amended several tax regulations on withholding tax to implement further the provisions in Republic Act No. 10963 (TRAIN). Here are items highlighted in Navarro Amper & Co. DTTL Tax News April 2018.
Effective January 1, 2018, Filipino workers like me will have higher take-home pay due to the lower income tax rates*. Yey!