Taxation Lessons

Minimum Wage Earner

Train Law for Minimum Wage Earners

A Minimum Wage Earner (MWE) is a worker in the private sector who is paid the statutory minimum wage, (SMW) or to an employee in the government with compensation income that does not exceed the statutory minimum wage in the…..

Updated Fringe Benefit Tax – Train Law

Fringe Benefits are those benefits given by an employer to an employee that are not considered as de minimis benefits. Fringe Benefits that are given to Rank and File Employees are subject to regular income taxation (graduated tax rate) while…..

Updated Final Tax Rates on Passive Income – Train Law

Final Tax is the tax on Passive Income earned within the Philippines. The train law made some changes regarding certain rates. The differences between the old law and the TRAIN law will be discussed in detail in this post. What…..

Individual Income Taxation – Train Law Tax for Individuals

The Train Law which was executed in 2018 has amended a lot of the tax rules incorporated in the NIRC. One of the major changes that was made in the TRAIN Law was the complete revamp of Individual Income Taxation…..

Capital Gains and Losses – Tax Rules on Sale of Capital Assets

*This post deals with the sale of capital assets except Real Property and Shares of Stocks. The taxation rules for these two assets are discussed another post: Capital Gains Tax – Train Law Updates Capital Asset vs Ordinary Asset Ordinary…..

Capital Gains Tax – Train Law Update

CAPITAL GAINS TAX Capital Gains Tax (CGT) is the tax on gains from sale of the following Capital Assets: Real Property located in the Philippines – CGT rate is 6% of FV or SP whichever is higher Unlisted Domestic Shares…..

BIR Train Law Revenue Regulations PDF Download

Revenue Issuances Revenue Regulations No. of Issuance Subject Matter Date of Issue RR No. 15-2018 Amends RR No. 8-2018 particularly on the due date for the updating of registration from VAT to Non-VAT (Published in Manila Bulletin on April 7, 2018)…..

BIR Compliance Tips: Dates to Remember

Compliance with the Bureau of Internal Revenue (BIR) can be quite stressful at first. Businesses are required to comply, and failure to do so can result in a penalty. The BIR has set specific dates for all annual, quarterly, and monthly requirements from…..

Train Law PDF Download

(Note: For those who are excited to get to the Train Law PDF Download, simply scroll to the bottom of this post.) On December 19, 2017, President Rodrigo Duterte signed Republic Act No. 10963, otherwise known as the Tax Reform for…..

New Take Home Pay Under the Tax Reform Program for Employees in the Philippines

The Duterte administration has been making a lot of buzz ever since the Gung-ho president stepped into the office. Take for instance President Duterte’s campaign against drugs which attracted a lot of supporters yet also gained a lot of detractors…..