Outline: A Comprehensive Lecture on Republic Act No. 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN) Law

• from entrepreneur.com.ph

February 27, 2018

I have been getting a number of queries from clients & friends on the new TRAIN Law. As such, in my upcoming series of trainings on the TRAIN Law, I will be discussing the following:

I. Background on the TRAIN Law

II. Amendments to the NIRC Provisions on Income Tax

A. New Income Tax Rates for Individuals

B. Self-employed Individuals/ Professionals

C. Mixed Income Earners

D. Removal of Personal Exemptions

E. Fringe Benefit Taxes

F. Filing and Payment of Taxes

1. 1. Individuals
   2. Corporations
   3. Optional Standard Deduction
   4. Installment Payment

III. Amendments to Tax Rates of Passive Income

IV. Amendments to the NIRC Provisions on Withholding Taxes

1. 1. Expanded Withholding Taxes
   2. Final Withholding Taxes

V. Amendments to the NIRC affecting Estate Tax

1. New Estate Tax Rate
2. Filing and Payment of Estate Tax Returns

VI. Amendments to the NIRC affecting Donor’s Tax

• New Donor’s Tax Rate

1. 1. Filing and Payment of Donor’s Tax Returns

VII. Amendments to the NIRC affecting Value Added Tax (“VAT”)

• VAT Threshold

1. 1. VAT Exemptions
   2. Sale/ Purchase/ Lease of Residential Units
   3. VAT Refund

VIII. New Documentary Stamp Tax Rates

IX. New Excise Tax Rates

X. Other Significant Provisions

• Interest on unpaid taxes

1. 1. Keeping Book of Accounts
   2. Penalties for Tax Evasion and Non-issuance of Receipts

And as a Bonus Topic, I will also be discussing the latest updates on the proposed Tax Amnesty Bill.