Republic Act No. 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN) – will begin executing business in the Philippines a lot smoother. Many of the Filipinos with small business will not find their tax reduced but enjoy the perks of a simplified filing of tax and payment methods.
“Many of our self-employed and professional workers are having a hard time complying with tax regulations. Sometimes, the cost to comply with the tax rules is bigger than what they actually have to pay as tax,” said Senator Juan Edgardo “Sonny” Angara, chair of the Senate Committee on Ways and Mean.
The RA 10963 explicitly pronounces that the Bureau of Internal Revenue (BIR) commissioner must simplify the business application and tax compliance requirements of self-employed individuals and professionals. Angara mentioned that under the law, the BIR is mandated to cut income tax return (ITR) forms from 12 pages to 4 pages only.
Angara added, “If more people are encouraged to do business, there would be more jobs available in the country, and this brings about additional income to the families.”
President Duterte signed the TRAIN measure into law last December 19, 2017, and the Executive department started to implement the law last January 1, 2018.
Additional information from Manila Bulletin, FB and the source of philstar.com
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