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New tax reform bills aim to reduce income taxes on companies from 30% to 20-25%
The second package of the Comprehensive Tax Reform Package is back in the spotlight after President Rodrigo Duterte urged its approval in his third State of the Nation Address. According to the President, Package 2 will benefit all businesses especially small and ...
by Raymond Abrea | August 22, 2018 10:00:00A leading tax expert says it's better to be safe than be sorry when it comes to business taxes
The economic gains and opportunities contributed by the fast-growing micro, small, and medium enterprises (MSMEs) are undeniable. As of 2016, MSMEs comprised 99.57 percent of the businesses in the country, contributing 63.3 percent of the employment for the same year.Under the Duterte ...
by Mon Abrea | August 14, 2018 01:00:00Otherwise, you're still covered by 12% VAT and lose the option to pay just 8% income tax on gross sales/receipts
Under the Tax Reform for Acceleration and Inclusion (TRAIN) Law that came into effect this year, the threshold for the value added tax (VAT) was raised to Php3 million from Php1.919 million.This presents a special opportunity for a class of taxpayers who ...
by Pauline Macaraeg | March 20, 2018 10:00:00A tax expert explains a number of items in the new tax law that make life easier for taxpayers
The Tax Reform for Acceleration and Inclusion (TRAIN) law, which took effect January 1 this year, has been widely praised for lowering the income taxes of the vast majority of salaried and self-employed taxpayers. In fact, more than 80 percent of taxpayers ...
by Pauline Macaraeg | March 09, 2018 10:00:00Hypothetically, the country's top taxpayers are going to pay much more
Much of what has been written about the newly signed tax law, the Tax Reform for Acceleration and Inclusion (TRAIN) law, suggest that the new measure will lead to lower personal income tax payments of most wage and salaried employees. In fact, ...
by Entrepreneur Staff | December 27, 2017 10:00:00