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.
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.
So we have just filed our first BIR Form No. 1601EQ. It would be hard to miss that the new expanded withholding tax rates for individuals are already reflected in the new form pursuant to Revenue Regulations No 11-2018 (RR 11-2018) and Revenue Regulations 14-2018 (RR 14-2018). Here’s a comparison between the new tax rates… Read More