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A.

ADMINISTRATIVE
OLD TAX CODE AMENDMENTS INTRODUCED BY
TRAIN LAW
 No TIMTA yet at the time of the  Power of the Commissioner to obtain
enactment of 1997 Tax Code information to include data supplied by
Cooperative Development Authority in
compliance with “The Tax Incentives
Management & Transparency Act
 Presence of counterpart restrictions (TIMTA)”

 Power of the Commissioner to make


assessments notwithstanding any law
requiring prior authorization of any
 No period is provided government agency or instrumentality

 Authority of the Commissioner to


prescribe real property values subject to
automatic adjustment once every three
(3) years

B. INDIVIDUAL INCOME & RETURNS & PAYMENT


 Below Php 10,000.00 taxed at 5%  Below Php 250,000.00 no tax
 Over Php 500,000.00 taxed at 32%  Over Php 8M taxed at 35%
 No counter-part provision  Optional for self-employed &
professionals to be taxed at 8% for
gross revenues below Php 3M or the
new VAT threshold
 Personal exemption-Php 50,000.00  No more personal and additional
 Additional exemption-Php 25,000.00 per exemptions
child
 No counter-part provision  Minimum wage earners receiving holiday
pay still exempt from income tax
 Tax exempt 13 Month Pay & Other  Php 90,000.00
th

Benefits including Productivity


Incentives & Christmas Bonus-Php
82,000.00
 Employees of RHQ, ROHQ, OBU, &  Preferential tax treatment of 15% shall not
Petroleum Service Contractors taxed apply anymore to registrants after
at 15% January 1, 2018
 Fringe Benefit Tax-32%  35%
 None  Returns to consist of maximum of 4 pages
showing personal profile & information,
gross revenues, allowable deductions,
taxable income, income tax due &
payable
 Deadline for 1st Quarter & Annual ITR-  May 15
April 15
 Deadline for 2nd Installment of Annual  October 15
Income Tax Due-July 15
C. PASSIVE INCOME
 PCSO & Lotto Winnings-exempt  Taxable above Php 10,000.00
 Interest income on foreign currency  15% whether recipient is individual or
denominated units-7.5% domestic corporation
 Capital gains tax on unlisted shares-5%  15%
for 1st Php 100,000.00 net capital gains
realized and 10% in excess of Php
100,000.00
D. ESTATE
 Progressive at 5% to 20%  Flat rate of 6%
 Standard deduction at Php 1M  Php 5M
 Family home Php 1M  Php 10M
 CPA Certification needed at Php 2M  Php 5M
 None  Final withholding tax at 6% on
withdrawals on deposits of decedent
 Estate tax return filing deadline-within 6  1 year
months from the date of death
 No counterpart provisions  Payment by installment in 2 years in
case of insufficient cash without civil
penalty & interest
E. DONATION
 0%-15% & 30% on donations to  6% in excess of Php 250,000.00
strangers
F. VAT
 VAT threshold-Php 1,919,500.00  Php 3M
 Sale of goods to PEZA-0%  Subject to 12% upon implementation of
enhanced VAT refund system
 VAT exempt sale of residential lot-not  Php 1.5M
more than Php 1,919,200.00
 VAT exempt sale of residential house &  Php 2.5M, by 2021 Php 2M
lot-Php 3,199,200.00
 VAT exempt lease of residential unit-Php  Php 15,000.00
10,000.00
 Association dues, membership fees &  VAT exempt
other assessments & charges of
homeowner’s association &
condominium corporation-vatable  VAT exempt
 Transfer property pursuant to Section 40
(C) (2) of the Tax Code on tax-free
exchange-vatable  VAT exempt Transfer of Sale of drugs
 Sale of medicines-12% VAT and medicines for diabetes, high
cholesterol & hypertension-VAT
exempt effective January 1, 2019

 Amortization of input VAT on capital  Repealed by 2022


goods
 120-day period within which to refund  90 days reckoned from the date of
reckoned from the complete submission of official receipts &
submission of documents invoices
 In case of inaction, appeal to CTA after
the expiration of 120-day period
 BIR officer may be punished
 Monthly & quarterly VAT filing  Effective 2023 only quarterly VAT filing
G. PERCENTAGE TAX
 Cooperatives are exempt from 3% gross  Beginning January 1, 2019 , annual
receipts tax gross receipts not exceeding Php
500,000.0 shall be exempt from 3%
 Self-employed & professionals with  Exempt effective January 1, 2019 if
gross receipts of Php 1,919,500.00 annual gross receipts not exceeding
and less-subject to 3% Php 500,000.00
 Stock transaction tax on listed shares-  0.60 of 1%
0.50 of 1%
H. EXCISE TAX
 Php 31.20 per pack with 4% increase  Php 32.50-January 2018
annually Php 35.00-January 2019
Php 37.50-January 2020
Php 40.00-January 2022
4% annual increase
 Diesel-Php 0.00 per liter  Php 2.50 per liter-2018
Php 4.50 per liter-2019
Php 6.00 per liter-2020
 Unleaded & premium gasoline-Php 4.35
per liter  Php 7.00 per liter-2018
Php 9.00 per liter-2019
Php 10.00 per liter-2020
 No counterpart provisions  Mandatory marking of all fuel products
 2% for up to Php 600,000.00  4%
 Php 12,000.00 + 20% in excess of Php  10% for over Php 600,000.00-Php 1M
600,00.00
 Php 112,000.00 + 40% in excess over
Php 1.1M
 Php 512,000.00 + 60% of excess over  20% for over Php 1M-Php 4M
Php 2.1M
 50% for over Php 4M
 Cosmetic procedures for aesthetic  5%
reasons-none
 Sweetened beverages-none  Php 6.00 per liter using caloric & non-
caloric sweeteners
 Php 12.00 per liter using high-fructose
corn syrup
 Php 10.00.00 per metric ton of coal  Php 50.00-2018
Php 100.00-2019
Php 150.00-2020
 Various rates for other minerals
100% increase in rate for other
minerals
I. DOCUMENTARY STAMP TAX
 Various transactions subject to different  100% increase in rate except DST on
rates & amounts loans from Php 1.00 to Php 1.50 per
Php 200.00 & no increase in sale of
real property & insurance policies

J. COMPLIANCE REQUIREMENTS
 Php 600,000.00 threshold for keeping of  Php 3M
books of accounts for entities
K. ADMINISTRATIVE PROVISIONS
 Php 25.00 sale required to issue official  Php 100.00.0
receipt/invoice
 Electronic sales reporting-none except  Enhanced electronic point of sales
the current Quarterly Summary List of reporting by taxpayers engaged in
Sales & Purchases & List of export of goods & services & Large
Importation, e-Sales Reporting Taxpayers within 5 years from
enactment of TRAIN
 Monthly filing of withholding tax &  Quarterly filing of withholding tax except
percentage tax/VAT compensation & VAT/percentage
 Deficiency interest-20%  Double the legal interest rate per annum
 Penalty for failure to transmit sales data  1/10 of 1% of the annual net income for
entered on Cash Register the 2nd year preceding the current
Machine/Point of Sales Machine to the taxable year for each day of violation or
BIR’s Electronic Sales Reporting Php 10,000 whichever is higher &
System-administrative penalty permanent closure if violation exceeds
180 days