2020 Tax Updates by Atty. Jackie Lou Lamug, CPA PDF

TAX UPDATES
(TRAIN LAW AND RELATED BIR ISSUANCES)
Atty. Jackie Lou D. Lamug, CPA
Tax Updates - Atty. Jackie Lou D. Lamug, CPA

WHAT IS TRAIN?

DOF Proposed Tax Reform
Packages
1a Reduction of tax rate 2
Simplification of tax
Reduction of tax rates provisions
Shift to simplified PIT system
Expansion of VAT base Limit on VAT zero-
Excise tax on sugary, Personal Corporate rating to direct
exporters
automobiles and
petroleum products Income Tax Income Tax Rationalization of
fiscal incentives
VAT refund in
1b Estate tax amnesty cash
General tax
amnesty
Amendments to Harmonization of
bank secrecy law capital income tax
rates on deposits and
Capital investment,
Property
Income dividends, equity and
Tax other passive income
Lower estate and Tax to 10%
Increase stock transaction
donor’s tax rates
tax from 0.5% to 1%
Lower rate of
transaction taxes on land
4 Update Schedule of Zonal Values 3

Tax Reform for Acceleration and Inclusion
(TRAIN) Act Timeline
2017 2018 2019 2020 onwards
Introduction of Implementation of
Package 1 Package 1
(TRAIN) (RA No. 10963)
Introduction of Implementation of
Package 2 Package 2
(Corporate (Corporate
Income Tax) Income Tax)
Introduction and Implementation of

Packages 3 to 4
(Capital income tax and other tax
measures)

REPUBLIC ACT
NO. 10963

■ Declaration of Policy.— It is hereby declared the policy of the State:
– (a) To enhance the progressivity of the tax system through the rationalization
of the Philippine internal revenue tax system, thereby promoting sustainable
and inclusive economic growth;
– (b) To provide, as much as possible, an equitable relief to a greater number
of taxpayers and their families in order to improve levels of disposable
income and increase economic activity; and
– (c) To ensure that the government is able to provide for the needs of those
under its jurisdiction and care through the provision of better infrastructure,
health, education, jobs, and social protection for the people.

■ Signed by Pres. Duterte:
■ December 19, 2017
■ Published in the Official Gazette:

■ December 27, 2017
■ Effectivity:
■ January 1, 2018

KEY
AMENDMENTS

INCOME
TAX

Personal Income Tax Rates
Personal Income Tax Rates
Old
Taxable Income 2018 – 2022 2023 Onwards
Rate1 (Effective2)
Not over P10,000 5% (2.50%)
Not over P30,000 10% (6.67%)
Not over P70,000 15% (10.24%) EXEMPT EXEMPT
Not over P140,000 20% (14.11%)
Not over P250,000 25% (18.04%)
Not over P400,000 20% (3.75%) 15% (2.81%)
30% (22.50%)
Not over P500,000
25% (11.88%) 20% (9.22%)
Not over P800,000
Not over P2,000,000 30% (20.38%) 25% (16.47%)
32% (25% up)
Not over P8,000,000 32% (27.32%) 30% (23.83%)
Over P8,000,000 35% (30.13% up) 35% (27.53% up)
Breakeven – P11.833M (2018 – 2022) and P18.75M (2023 onwards)
1Applied on the excess over the minimum amount within the range
2Effective tax rate computed based on the average tax due per income bracket
New income tax brackets

Exemption/Deduction from Gross Income
Removed the following:
Personal and Premium payments on Persons with

additional health and/or Disabilities
exemptions hospitalization (PWDs)*
Insurance amounting to
PhP 2,400 per family
*Under RA No. 10754, an act expanding the benefits and privileges of persons with disability (PWDs),
allows PWDs as qualified dependent with certain qualifications, for purposes of allowing the
benefactor the privilege of claiming the PhP 25,000 exemption in computing taxable income.
However, under RA No. 10963, the same provision was specifically repealed in its repealing clauses.

Non-taxable 13th month pay and other
benefits
PHP 90,000
PHP 82,000
Increased threshold
for non-taxable 13th month pay
and other benefits

Sample Computation
PARTICULARS OLD TAX CODE NEW TAX CODE
Annual Gross Income xxx xxx

Less: Non-taxable 13th month (82,000) (90,000)
pay and other benefits
Basic Personal Exemption (50,000) -
Additional Personal (100,000) -
Exemption*
Taxable Income xxx xxx
*Computed using the maximum availment of personal and additional exemptions (under the old rules)
and tax exempt bonuses and other benefits (under the old and new rules).

Individual Income
Type of
Income
Compensation Mixed Business/Professional

Income Income Income
Revised graduated Gross sales/receipts

income tax rates exceeding PhP 3M
VAT threshold?
NoA Yes
8% gross sales OPTIONAL

Revised graduated
/receipts tax income tax rates
(in excess of PhP 250,000)
Non-VAT registered taxpayer VAT-registered

subject to 3% percentage taxpayer
AIf taxpayer opt to tax
A
be taxed at 8%, he does not have the option to register as VAT taxpayer.

Income Tax on Alien Individuals*
1997 TAX CODE RA NO. 10963
ROHQ
15%  Shall NOT BE APPLICABLE to
RHQs/ROHQ/OBUs/petroleum
service contractors and
preferential subcontractors registered with
Alien rate Securities and Exchange
Commission (SEC) AFTER January
Individuals 1, 2018.
(of salaries, wages,
*Employed by: annuities, compensation,
remuneration and other  EXISTING RHQs/ROHQs/OBUs/
Regional Headquarters emoluments, such as petroleum service contractors
(RHQs) honoraria and and subcontractors for qualified
Regional Operating allowances)
Headquarters (ROHQs) employees shall CONTINUE to
Offshore Banking Units avail of the preferential tax rate
(OBUs) for present and future qualified
 Petroleum Service employees. (VETOED BY THE
Contractors and
Subcontractors PRESIDENT)
*Also applies to qualified Filipino individual employees occupying the same position.

Optional Standard Deduction (OSD)
1997 TAX
DEDUCTIONS RA NO. 10963
CODE
May be availed
only once EITHER
by the GPP OR
OSD for General Not provided
the partners
Professional comprising the
Partnership (GPPs) partnership

Passive Income Tax Rates
TYPE OF INCOME 1997 TAX CODE RA NO. 10963
PCSO Exempt
(up to
PhP 10,000)
Philippine Charity Exempt
Sweepstakes and (full amount)
lotto winnings
20% final tax
(in excess of
PhP 10,000)
15%
► ¥
£
► € 7.5% final tax
Interest Income from final tax
expanded Foreign (applies to both resident individuals
Currency Deposit and domestic corporations)
Units (FCDUs)

Passive Income Tax Rates
TYPE OF
INCOME
PARTICULAR RATE
First
PhP 100,000 5%
Capital
Gains Tax
15% CGT
(applies to both
Sale of shares (CGT) resident individuals
of stock not and domestic
In excess of
traded in the PhP 100,000
10% corporations)
stock exchange CGT

Income Tax Return – Filing & Payment
PARTICULARS 1997 TAX CODE RA NO. 10963

 Taxable income does
not exceed
Gross income does
not exceed PhP 250,000
personal and
 Persons qualified for
Persons exempt additional
from filing exemptions substituted
individual ITR
filing
INSTALLMENT DEADLINE INSTALLMENT DEADLINE
1st 1st
of the of the same
same
MAY taxable year
15
taxable
APRIL year
Deadline for
individual income
4th 15 of the
following 4th APRIL of the
following
15
taxable taxable year
(annual) (annual)
tax declaration year

Deadline of 2nd 15 15
installment following the close of the following the close of the
payment* calendar year calendar year
*When a tax due is in excess of Two thousand pesos (P2,000), the taxpayer other than a corporation (i.e.,
individual taxpayer), may elect to pay the tax in two (2) equal installments in which case, the first
installment shall be paid at the time the return is filed (now May 15)

1997 TAX
PARTICULARS CODE
RA NO. 10963
Maximum of four (4) pages
containing the following:
1. Personal/Corporate profile
Not provided and information
Pro-forma ITR
(individual and 2. Gross sales/receipts
corporate) 3. Allowable deductions
4. Taxable income
5. Income tax due
*Provided that this shall not affect

the implementation of RA No.
10708 or TIMTA.

Fringe Benefits Tax (FBT)
1997 TAX
PARTICULARS CODE
RA NO. 10963
32% 35%
(effective January 1,
2018)

Taxability of Government-owned or Controlled
Corporations, Agencies, or Instrumentalities
ENTITY 1997 TAX CODE RA NO. 10963
PCSO
Philippine Charity
Sweepstakes Office
Tax-exempt TAXABLE

Estates and Trusts
PhP 20,000 REPEALED

Exemptions
Allowed to Estates
and Trusts

ESTATE
TAX

FinalEstate
Tax Tax Rates
Old Rules New Rules
5% - 20% 6%
Deduction for
expenses, losses and
indebtedness
Medical expenses

Estate
Final Tax Tax
Old Rules New Rules
Standard deduction
P1M P5M
Family home (max)

P1M
P10M

Estate Tax – Other Provisions
Allowed deduction
Gross Estate not (with conditions)
Situated in the
Philippines
Within 2 months after

the decedent’s death
(if gross value of estate

Requirement to
file notice of
exceeds
death PhP 200,000)

Filing of estate tax

return Required if gross value NO
of estate exceeds
PhP 200,000 THRESHOLD
Statement duly certified

by a Certified Public Gross value of estate Gross value of estate
Accountant (CPA) exceeds exceeds
PhP 2,000,000 PhP 5,000,000
Time of filing of estate

tax return Within 6 months from Within 1 year from
decedent’s death the decedent’s death

No limit but subject

Maximum
PhP 20,000 to 6% Final
Withdrawal of the Withholding Tax
administrator of the
estate or any one of
the heirs
Allowed within
TWO (2) YEARS
Not provided from statutory date
WITHOUT CIVIL
Payment by PENALTY AND
Installment
INTEREST
DONOR’S
TAX

Donor’s
Final Tax
Tax Rate
Old Rules New Rules
2% - 15% - relatives 6%
30% - strangers 6%

Taxability of Certain Gifts
PROPERTY 1997 TAX CODE RA NO. 10963

RETAINED with additional
provision:
Part of Gross “Provided, however, that a sale,

Gifts during exchange, or other transfer of
property made in the ordinary course
Transfer for less than an
adequate
the calendar of business (a transaction which is a
bona fide, at arm’s length, and free
and full consideration year from any donative intent), will be
considered as made for an adequate
and full consideration in money or
money’s worth.”
Exempt
(up to the
Dowries or gifts made on amount of
account of marriage
PhP 10,000 )

VALUE-ADDED
TAX (VAT)

Increase in VAT Threshold
PhP 3,000,000
PhP 1,919,500

Revised Provisions on VAT-exempt
Transactions
TRANSACTION TYPE 1997 TAX CODE RA NO. 10963
Exempt Exempt
(upto PhP 12,800) (upto PhP 15,000)
Monthly rental on
residential unit
Exempt
(Provided that the
fuel, goods and
Exempt supplies shall be used
Importation of fuel, goods for international
and supplies by persons shipping or air
engaged in shipping or air transport operations)
transport operations

Transactions
Exempt
Exempt
(Up to 1.5M)
Sale of residential lot as defined by the Urban
Development and housing Act of 1992
amounting to 1,919,500 and below
Exempt
(Up to 2.5M)
from Jan 1, 2018 until Dec
31, 2020
Exempt
Sale of house and lot and other residential Exempt
dwelling amounting to 3,199,200 and below
(Up to 2M)
From Jan 1, 2021
Threshold under the 1997 Tax Code, as amended, was adjusted using the consumer price index
through RR No. 03-11.

Transactions
Exempt
RETAINED with deletion
“… sugar cane into
raw sugar or raw “… sugar cane into raw sugar.’’
Services by agricultural cane sugar.”
contract growers and
milling for others
RETAINED with revision to include

importation of tools of trade,
occupation or employment and
Exempt belongings of overseas Filipinos, and
Importation of professional their families and descendants who
instruments and are now residents or citizens of other
implements
countries

Additional VAT-exempt Transactions
Sale or lease of goods Transfer of property Association dues,

and services to pursuant to Section 40 membership fees and
SENIOR CITIZENS (C) (2) of the 1997 Tax other assessments and
and PERSONS WITH
Code charges collected by
DISABILITIES
(TAX FREE EXCHANGE) HOMEOWNERS
ASSOCIATIONS and
CONDOMINIUM
CORPORATIONS

Additional VAT-exempt Transactions
Sale of drugs and Sale of gold to the Bangko

medicines prescribed for
diabetes, high cholesterol Sentral ng Pilipinas (BSP) *
and hypertension
(effective January 1, 2019)

VAT on Capital Goods
The amortization of the

input VAT shall only be
ALLOWED UNTIL
Spread evenly over DECEMBER 31, 2021
the month of after which taxpayers
acquisition and the with unutilized input VAT
59 succeeding on capital goods
months purchased or imported
Creditable Input Tax shall be allowed to apply
on Capital Goods
the same as scheduled
until fully utilized.

Additional Zero-rated Sales Transactions
Goods Services
 Registered enterprises within a  Registered enterprises within a

separate customs territory as separate customs territory as
provided under special laws provided under special laws
 Registered enterprises within  Registered enterprises within
Tourism Enterprise Zones as Tourism Enterprise Zones as
declared by the TIEZA declared by the TIEZA
VETOED BY THE PRESIDENT VETOED BY THE PRESIDENT

Zero-rated Sale of Goods
BUYER 1997 TAX CODE RA NO. 10963
RETAINED with
additional provision:
“Provided, that the

goods, supplies,
0% equipment and fuel
shall be USED FOR
Sale of goods, supplies, INTERNATIONAL
equipment and fuel to persons
SHIPPING OR AIR
TRANSPORT
engaged in international
OPERATIONS.”
shipping or international air
transport operations

Zero-rated Sale of Services
1997 TAX
SERVICES RA NO. 10963
CODE
RETAINED with additional

provision:
Services rendered to persons engaged 0% “Provided, that the services

shall be EXCLUSIVELY FOR
in INTERNATIONAL SHIPPING and INTERNATIONAL SHIPPING
AIR TRANSPORT OPERATIONS, OR AIR TRANSPORT
including leases of property for use OPERATIONS.”
thereof
Revised as follows:
0% “Transport of passengers and

cargo by DOMESTIC air or sea
Transport of passengers and cargo by vessels from the Philippines to
AIR OR SEA VESSELS from the a foreign country”
Philippines to a foreign country

Other Zero-rated Sales Transactions
TYPE OF TRANSACTION 1997 TAX CODE RA NO. 10963
0%
Foreign currency
denominated sales
0% VAT-EXEMPT
Sale of gold to the BSP

Non-resident buyer for Export-oriented Those considered

delivery to a resident enterprise whose export sales under
local-export oriented export sales exceed Executive Order (EO)
enterprise to be used in 70% of total annual No. 226, otherwise
manufacturing, production known as the
processing, packing or "Omnibus Investment
repacking in the Code of 1987", and
Philippines other special laws

Export sales under EO 226 (Art. 23)
Sales to bonded Sales to export

manufacturing processing zones
warehouses of export-
oriented
manufacturers

Export sales under EO 226 (Art. 23)
Sales to registered Sales to foreign military

export traders operating bases, diplomatic
bonded trading missions and other
warehouses supplying agencies and/or
raw materials used in the instrumentalities granted
manufacture of export tax immunities
products

Performed by subcontractors Processing, manufacturing

and/or contractors in or repacking goods for
processing, converting, or other persons doing
manufacturing goods for an business outside the
enterprise whose export sales Philippines which goods
exceed seventy percent (70%) of are subsequently exported
total annual production.

Enhanced VAT Refund System
RA NO. 10963
“The successful establishment and implementation of an enhanced VAT refund system that grants refunds of
creditable input tax within ninety (90) days from the filing of the VAT refund application with the Bureau:
Provided, That, to determine the effectivity of item no. 1, all applications filed from January 1, 2018 shall be
processed and must be decided within ninety (90) days from the filing of the VAT refund application; and”
“(2) All pending VAT refund claims as of December 31, 2017 shall be fully paid in cash by December 31, 2019.”
“Provided, That the Department of Finance shall establish a VAT refund center in the Bureau of Internal
Revenue (BIR) and in the Bureau of Customs (BOC) that will handle the processing and granting of cash
refunds of creditable input tax.”
“An amount equivalent to five percent (5%) of the total VAT collection of the BIR and the BOC from the
immediately preceding year shall be automatically appropriated annually and shall be treated as a special
account in the General Fund or as trust receipts for the purpose of funding claims for VAT refund: Provided,
That any unused fund, at the end of the year shall revert to the General Fund.”
“Provided, further, That the BIR and the BOC shall be required to submit to the Congressional Oversight
Committee on the Comprehensive Tax Reform Program (COCCTRP) a quarterly report of all pending claims for
refund and any unused fund.”

Period of VAT Refund/Issuance of Tax
VAT refund/Tax Credit
Credit Certificates Certificate (TCC)
(TCC)
Within 120 days Within 90 days

from the date of submission of complete “In case of FULL OR PARTIAL DENIAL of the claim for tax
documents refund, the taxpayer affected may, within thirty (30) days
from the receipt of the decision denying the claim,
APPEAL the decision with the Court of Tax Appeals:
Provided, however, That failure on the part of any official,
agent, or employee of the BIR to act on the application
within the ninety (90)-day period shall be punishable
under Section 269 of this Code.”
“Provided, however, That failure on the part

of any official, agent, or employee of the BIR to act on the
application within the ninety (90)-day period shall be
punishable under Section 269 of this Code.”

VAT Filing and Payment
Particulars Monthly Quarterly Filing and payment of

VAT shall be done within
Manual Within 20 days Within 25 25 DAYS following the
Filing/ of the following days
Payment month
close of each TAXABLE
following the QUARTER.
Electronic Within 21 to 25 end of the
Filing days of the taxable (Beginning January 1, 2023)
following month, quarter
depending on
the industry
classification
Electronic Within 25 days
Payment of the following
month

Withholding VAT – Sales to Government
Subject to 5% Withholding VAT withholding system shall

VAT shift from final to a creditable
system*
(Beginning January 1, 2021)
*Payments for purchases of goods and services arising from projects funded by
Official Development Assistance (ODA) as defined under RA No. 8182, otherwise
known as the “Official Development Assistance Act of 1996”, as amended, shall not
be subject to the final withholding tax system.

PERCENTAGE
TAX

Exempt
(Not exceeding
PhP 500,000 earned
Subject to 3% by self-employed
percentage tax and/or
Gross sales or receipts of a professionals)*
non-VAT registered *VETOED BY THE
individual
PRESIDENT
1/2 of 1% of the 6/10 of 1%

gross selling price or of the gross selling
the gross value in price or the gross value
money of the shares in money of the shares
Sale of listed shares sold sold

EXCISE
TAX

Imposition of Excise Tax
Excise taxes apply to GOODS RETAINED and added

manufactured or produced in the SERVICES PERFORMED IN
Philippines for domestic sales or
consumption or for any other THE PHILIPPINES as items
disposition and to things imported subject to excise tax

Excise Tax - Cigarettes Packed by Hand
and Packed by Machine

Effective Date Rate* per
PhP 30/pack pack
(in PhP)
January 1, 2018 until June 30, 2018 32.50
July 1, 2018 until December 31, 2019 35.00
January 1, 2020 until December 31, 2021 37.50
January 1, 2022 until December 31, 2023 40.00
*The rates of tax shall be increased by 4% every year effective on January 1, 2024,
through revenue regulations issued by the Secretary of Finance.

Excise Tax on Fuel & Oil
1997 RA NO. 10963

PRODUCT TAX
CODE 2018 2019 2020
Lubricating oils and greases P 4.50 P 8.00 P 9.00 P 10.00
Processed gas P 0.05
Denatured alcohol P 0.05
Waxes and petrolatum P 3.50
Naphtha, regular gasoline, PYROLYSIS P 4.35 P 7.00
GASOLINE and other similar products of
distillation
Leaded premium gasoline P 5.35 Repealed Repealed Repealed
Unleaded premium gasoline P 4.35 P 7.00 P 9.00 P 10.00
A. Amounts presented are in Philippine peso per liter of volume capacity (except for greases, waxes and petrolatum which are in
Philippine peso per kilogram and petroleum coke which is in Philippine peso per metric ton).
B. The production of petroleum products, whether or not they are classified as products of distillation and for use solely for the
production of gasoline shall be exempt from excise tax.
C. Provided, however, that, petroleum coke, when used as feedstock to any power generating facility shall be subject to 0.00 per metric
ton.

1997 TAX RA NO. 10963

PRODUCT
CODE 2018 2019 2020
Aviation turbo jet fuel, AVIATION GAS P 3.67 P 4.00 P 4.00 P 4.00
Kerosene P 0.00 P 3.00 P 4.00 P 5.00
Diesel fuel oil and on similar fuel oils having P 0.00 P 2.50 P 4.50 P 6.00
more or less the same generating power
Liquefied petroleum gasB P 0.00 P 1.00 P 2.00 P 3.00
Asphalts P 0.56 P 8.00 P 9.00 P 10.00
Bunker fuel oil and on similar fuel oils having P 0.00 P 2.50 P 4.50 P 6.00
more or less the same generating powerC
PETROLEUM COKE N/A P 2.50 P 4.50 P 6.00
A. Amounts presented are in Philippine peso per liter of volume capacity (except for greases, waxes and petrolatum which are in Philippine
peso per kilogram and petroleum coke which is in Philippine peso per metric ton).
B. The production of petroleum products, whether or not they are classified as products of distillation and for use solely for the production of
gasoline shall be exempt from excise tax.
C. Provided, however, that the excise taxes paid on the purchased basestock (bunker) used in the manufacture of excisable articles and
forming part thereof shall be credited against the excise tax due therefrom.

Not provided For the period covering 2018 to 2020,

the scheduled increase in the excise tax
on fuel shall be suspended when the
average Dubai crude oil price BASED
ON MEAN OF PLATTS SINGAPORE
(MOPS) for 3 months prior to the
scheduled increase of the month
reaches or exceeds USD 80 per barrel.

Mandatory Marking of All Petroleum
Products - TRAIN
The Secretary of Finance shall require the use of an official fuel marking or similar
technology on petroleum products that are refined, manufactured, or imported into the
Philippines, and that are subject to the payment of taxes and duties, such as but not
limited to: unleaded premium gasoline, kerosene, and diesel fuel oil
The mandatory markings shall be in accordance with the following:
OFFICIAL FUEL MARKERS OWNER (person, entity or taxpayer) /
CONSIGNEE (the person to whom consigned)
► a list of chemical additives and corresponding
quantitative ratio as identified by the Secretary ► shall cause and accommodate the marking with
of Finance (must persist for at least three years the official marking agent
from application)
► distinct and impossible to imitate or replicate

(must be unique to the Philippines)
INTERNAL REVENUE OR CUSTOMS OFFICERS ABSENCE OR DILUTION OF THE OFFICIAL

MARKER
► shall be on site to administer the declaration of
the tax and duties imposed and to oversee the ► shall be presumed withdrawn with the
application of the marking. intention to evade the payment of the taxes
and duties due

Products - TRAIN
USE OF FRAUDULENT MARKER ENGAGEMENT OF ONLY ONE FUEL MARKING

PROVIDER
► shall be considered prima facie evidence that ► responsible to provide, monitor, and administer
the same have been withdrawn or imported the fuel markers, to provide equipment and
without the payment of taxes and duties due devices, conduct field and confirmatory tests,
and perform such other acts incidental or
necessary (under the supervision and direction of the
Commissioners of Internal Revenue and Customs)
ALL COSTS PERTAINING TO THE FUEL MARKING PROGRAM FUNDS
PROCUREMENT OF THE OFFICIAL FUEL
MARKERS ► Fees or charges collected may be recorded as
trust receipts of the implementing agencies,
► borne by the refiner, manufacturer or and shall be exclusively disbursed to defray the
importer, as the case may be cost of services or equipment required to fully
*the government may subsidize in the first year of
implement the said program
implementation

Products - TRAIN
► The marking of petroleum products shall be RANDOM FIELD TESTS

mandatory within five (5) years from the
effectivity of this Act. ► shall refer to periodic random inspections to
establish qualitative and quantitative positive
result of fuel trafficking which are conducted on
fuels found in warehouses, storage tanks, gas
stations and other retail outlets, and in such
other properties or equipment
CONFIRMATORY TESTS
► shall refer to the accurate and precise analytical

test of the tested, unmarked, adulterated, or
diluted fuel using a device, tool or equipment
which will validate and confirm the result of
the field test

Excise Tax on Automobiles
1997 TAX CODE
Net Manufacturer’s/Importer’s
Tax Rate
Selling Price (in Pesos)
Tax Rate on
Tax on
Lower Limit Upper Limit excess over
Lower Limit
Lower Limit
0 600,000 - 2%
600,000 1,100,000 12,000 20%
1,100,000 2,100,000 112,000 40%
Over 2,100,000 512,000 60%

RA NO. 10963
(effective January 1, 2018)
Net Manufacturer’s/Importer’s
Selling Price (in Pesos) Tax Rate
Lower Limit Upper Limit
0 600,000 4%
600,000 1,000,000 10%
1,000,000 4,000,000 20%
Over 4,000,000 50%

RA NO. 10963
HYBRID IMPORTED EXEMPT
VEHICLES AUTOMOBILES
NOT FOR SALE
Excise tax shall be ► Purely electricity-
based on the total powered
50% of the automobiles
landed value
applicable tax (including transaction ► Pick-ups
rates on value, customs duty ► Automobiles used
automobiles and all other charges) exclusively within
the Freeport Zone

Excise Tax on Non-Essential Goods and
Services
INVASIVE COSMETIC PROCEDURES/
SURGERIES/BODY ENHANCEMENTS
Directed solely towards
improving, altering, or
enhancing the patient’s
appearance 5% of gross
Do not meaningfully receipts*
promote the proper function
of the body or prevent or
treat illness or disease
*This tax shall not apply to procedures necessary to ameliorate a deformity arising from, or directly related to, a
congenital or developmental defect or abnormality, a personal injury resulting from an accident or trauma, or disfiguring
disease, tumor, virus or infection.

Excise Tax on Sugar Sweetened Beverages (SSBs)
EXCISE TAX ON SWEETENED BEVERAGES

Using caloric and non-caloric
sweeteners PhP 6/liter
Using high fructose corn
syrup or in combination with
any caloric or non-caloric PhP 12/liter
sweeteners
Using purely coconut sap
sugar/purely steviol EXEMPT
glycosides

SWEETENED BEVERAGES SHALL INCLUDE BUT NOT BE

LIMITED TO THE FOLLOWING:
1. Sweetened juice drinks
2. Sweetened tea
3. Other beverages:
 All carbonated beverages
 Flavored water
 Energy and sports drinks
 Other powdered drinks not classified as milk, juice, tea and
coffee
 Cereal and grain beverages
 Other non-alcoholic beverages that contain added sugar
*Sweetened beverages using purely

coconut sap sugar and purely steviol
glycosides shall -be
Tax Updates Atty.exempt.
Jackie Lou D. Lamug, CPA
EXCLUSIONS
1. All milk products
2. 100% natural fruit juices
3. 100% natural vegetable juices
4. Meal replacement and medically
indicated beverages
5. Ground coffee, instant soluble
coffee; and pre-packaged powdered
coffee products

Excise Tax on Mineral Products
1997 TAX
PRODUCT RA NO. 10963
CODE
1. Coal and coke PhP 10.00  January 1, 2018 – PhP 50.00 per
per metric metric ton
ton  January 1, 2019 – PhP 100.00 per
metric ton
 January 1, 2020 – PhP 150.00 per
metric ton
2. All nonmetallic minerals 2% 4%
and quarry resourcesA
3. All metallic mineralsA 2% 4%
a. Copper and other
metallic minerals
b. Gold and chromite
4. On indigenous petroleumB 3% 6%
A Locally produced: based on actual market value of the gross output
Imported: based on the value used by the Bureau of Customs in determining tariff and customs duties, net of excise tax
and VAT
BBased on the fair international market price

Counting or Metering Devices
Manufacturers and/or Importers to provide themselves with counting or metering

devices to determine volume of production and importation
The Department of Finance shall maintain a registry of all petroleum manufacturers

and/or importers and the articles being manufactured and/or imported by them.
The Department of Finance shall mandate the creation of a real-time inventory of

petroleum articles being manufactured, imported or found in storage depots of
such petroleum manufacturers and/or importers.
Importers of finished petroleum products shall also provide themselves with

Bureau-accredited metering devices to determine as accurately as possible the
volume of petroleum products imported by them.

Authority of Internal Revenue Officer in Searching for and Testing
Taxable Articles
“Subject to rules and regulations to be issued by the Secretary of Finance, the Commissioner of
Internal Revenue or his authorized representatives may conduct periodic random field tests and
confirmatory tests on fuel required to be marked under Section 148-A found in warehouses,
storage tanks, gas stations and other retail outlets, and in such other properties of persons
engaged in the sale, delivery, trading, transportation, distribution, or importation of fuel intended
for the domestic market:
Provided, the following shall be complied with:

A. Random field testing shall be conducted in the presence of revenue or customs
officers, fuel marking provider, and the authorized representative of the owner of the
fuel to be tested
*Provided, That an employee assigned or working at the place where the random field test is conducted shall be
deemed an authorized representative of the owner;
B. All field tests shall be properly filmed or video-taped, and documented
C. A sample of the randomly tested fuel shall be immediately obtained by the revenue
or customs officer upon discovering that the same is unmarked, adulterated, or
diluted
*That confirmatory fuel test certificates issued by fuel testing facilities shall be valid for any legal purpose from the date
of issue, and shall constitute admissible and conclusive evidence before any court.

DOCUMENTARY
STAMP TAX

Documentary Stamp Tax Rates
PARTICULARS TAXABLE UNIT CURRENT TAX AMENDMENT
CODE PROVISION UNDER TRAIN
Original issuance of shares of PhP 200, or fractional thereof, of PhP 1.00 PhP 2.00
stocks the par value
Sales, agreements to sell, PhP 200, or fractional part PhP 0.75 PhP 1.50
memoranda of sales, deliveries or thereof, of the par value
transfer of shares or certificates
of stock
DST paid upon original issue in 25% 50%
case of stock without par value
Certificates of profits or interest PhP 200 pesos, or fractional PhP 0.50 PhP 1.00
in property or accumulations part thereof, of the face value

Bank checks, drafts, certificates of

deposit not bearing interest, and PhP 1.50 PhP 3.00
other instruments
All debt instruments PhP 200, or fractional part PhP 1.00 PhP 1.50
thereof, of the issue price
All bills of exchange or drafts PhP 200, or fractional part PhP 0.30 PhP 0.60
thereof, of the face value


Amount of insurance not exceeding Exempt Exempt

PhP 100,000
Amount of insurance exceeds

Life insurance policies PhP 100,000 PhP 10.00 PhP 20.00
but does not exceed
PhP 300,000

PhP 300,000 PhP 25.00 PhP 50.00
but does not exceed
PhP 500,000



PhP 150,000 PhP 50.00 PhP 100.00
but does not exceed
PhP 750,000
Life insurance policies
PhP 750,000 PhP 75.00 PhP 150.00
but does not exceed
PhP 1,000,000
Amount of insurance exceeds PhP 100.00 PhP 200.00

PhP 1,000,000

PARTICULARS TAXABLE UNIT CURRENT TAX CODE AMENDMENT

PROVISION UNDER TRAIN
Policies of annuities PhP 200

or fractional part thereof, of the PhP 0.50 PhP 1.00
premium or installment payment or
contract price collected
Pre-need plans PhP 200

or fractional part thereof, of the PhP 0.20 PhP 0.40
premium or contribution collected
Certificates PhP 15.00 PhP 30.00


Warehouse receipts PhP 15.00 PhP 30.00
PhP 1 PhP 0.10 PhP 0.20

cost of ticket
Jai-alai, horse race tickets, Additional DST on every

lotto or other authorized PhP 1 PhP 0.10 PhP 0.20
numbers games cost of ticket if it exceeds
PhP 1


PhP 1.00 PhP 2.00

Bills of lading or receipts if the value of the goods if the value of the
exceed goods exceed
Value of goods PhP 100 PhP 100
PhP 10.00 PhP 20.00

if the value of the goods if the value of the
exceed goods exceed
PhP 1,000 PhP 1,000
Proxies PhP 15.00 PhP 30.00


Powers of attorney PhP 5.00 PhP 10.00
First
PhP 2,000 PhP 3.00 PhP 6.00
or fractional part thereof
Leases and other hiring

agreements For every
PhP 1,000
or fractional part thereof, in
excess of the first PhP 1.00 PhP 2.00
PhP 2,000
for each year of the term of
the said contract or
agreement


Mortgages, pledges, and deeds of First PhP 20.00 PhP 40.00

trust PhP 5,000
of the amount secured
On each
PhP 5,000 PhP 10.00 PhP 20.00
or fractional part thereof in excess of
the first
PhP 5,000
Deed of sale, conveyances and donation On the consideration contracted to Retained;

of Real Property be paid for such realty or on its FMV, PhP 15.00 Added donation as one
whichever is higher of the mode of
transfer of property*
*Transfers exempt from donor’s tax under Section 101 (a) and (b) of this Code shall be exempt from the tax imposed
under this Section.

PARTICULARS TAXABLE UNIT CURRENT TAX CODE AMENDMENT UNDER

PROVISION TRAIN
Registered gross tonnage of the PhP 500 PhP 1,000

ship, vessel or steamer does not
exceed one thousand (1,000) tons, Additional Additional
and the duration of the charter and PhP 50 PhP 100
Charter Parties contract does not exceed six (6) for each month or fraction for each month or
months of a month in excess of 6 fraction of a month in
and Similar months excess of 6 months
Instruments
Registered gross tonnage exceeds PhP 1,000 PhP 2,000
one thousand (1,000) tons and do
not exceed ten thousand (10,000) Additional Additional
tons, and the duration of the charter PhP 100 PhP 200
and contract does not exceed six (6) for each month or fraction for each month or
months of a month in excess of 6 fraction of a month in
months excess of 6 months

PARTICULARS TAXABLE UNIT CURRENT TAX CODE AMENDMENT UNDER

PROVISION TRAIN
Registered gross tonnage PhP 1,500 PhP 3,000

Charter Parties
exceeds ten thousand (10,000) tons,
and Similar and the duration of the charter and Additional Additional
Instruments contract does not exceed six (6) PhP 150 PhP 300
months for each month or fraction for each month or
of a month in excess of 6 fraction of a month in
months excess of 6 months

OTHER
PROVISIONS

Power of the Commissioner to Obtain Information, and to
Summon, Examine, and Take Testimony of Persons
1997 TAX
PARTICULAR RA NO. 10963
CODE
Not provided Requirement Submission of a Tax Incentive

Report by the Cooperative
Development Authority (CDA)
Coverage of Cooperatives registered and
the report enjoying incentives under RA
Submission No. 6938
of Tax
Incentives Content Information on income tax, VAT
Report and other tax incentives availed
by cooperatives

Power of the Commissioner to Make Assessments and Prescribe
Additional Requirements for Tax Administration and Enforcement

Examination of Returns and RETAINED with additional provision:
Determination of Tax Due
“notwithstanding any law
“After a return has been filed as requiring the prior authorization of
required under the provisions of this any government agency or
Code, the Commissioner or his duly instrumentality:”
authorized representative may
authorize the examination of any
taxpayer and the assessment of the
correct amount of tax:”

Additional Provisions on Commissioner’s Authority to Prescribe
Real Property Values
PARTICULARS RA NO. 10963
MANDATORY
Consultation with competent

appraisers
PRIOR NOTICE MUST BE

GIVEN
Notice to affected taxpayers

Additional Provisions on Commissioner’s Authority to Prescribe
Real Property Values
PARTICULARS RA NO. 10963
Subject to automatic adjustment once

every 3 years
Fair market value
Must be published in a newspaper of
general circulation, or in the absence
thereof, shall be posted in the
provincial capitol, city or municipal hall
Validity of adjustment in and in 2 other conspicuous public
zonal value places therein
Public records open to the inquiry of

any taxpayer
Basis of valuation

Interest on Deficiency Taxes
PARTICULARS 1997 TAX RA NO. 10963

CODE
20% per annum on TWICE THE LEGAL RATE set by the
any unpaid Bangko Sentral ng Pilipinas (BSP)
amount of tax
Current legal rate: 6%
(BSP Circular No. 799 dated June 21, 2013)
Interest Rate
From the date From the date prescribed for its payment
prescribed for its until the full payment thereof, or upon
payment until the issuance of a notice and demand by the
full payment Commissioner of Internal Revenue,
thereof WHICHEVER COMES EARLIER.
IN NO CASE SHALL THE DEFICIENCY AND

Imposition
DELINQUENCY INTEREST BE IMPOSED
SIMULTANEOUSLY

Keeping of Books of Accounts
PARTICULARS 1997 TAX

RA NO. 10963
CODE
All corporations, Journal and a Relevant and
companies, ledger or appropriate set of
partnerships or their bookkeeping
Books of persons required by equivalents records duly
Accounts law to pay internal authorized by the
revenue taxes Secretary of
Finance


RA NO. 10963
CODE
Taxpayer with
Simplified set of quarterly
bookkeeping records sales,
duly authorized by earnings,
Books of the Secretary of receipts, or
Accounts
Finance output do not
exceed
PhP 50,000


RA NO. 10963
CODE
Books of accounts Taxpayers
audited and with gross
examined yearly by QUARTERLY Taxpayers with
independent CPAs sales, gross ANNUAL
and their income tax earnings, sales, earnings,
Books of returns accompanied receipts or receipts or output
Accounts
with a duly output exceed
accomplished exceeding PhP 3,000,000
Account Information PhP 150,000
Form (AIF)

Issuance of Receipts/Invoices

Duly registered receipts or Duly registered receipts or sale
sale or commercial invoices or commercial invoices AT
FOR EACH sale and transfer THE POINT OF sale or
of merchandise or for services transfer of merchandise or for
Receipts/ rendered valued at PhP 25 or services rendered valued at
Invoices more
PhP 100 or more
Provided, further, that where the purchaser is a VAT-registered person, in addition to the information herein required, the
invoice or receipt shall further show the Taxpayer Identification Number (TIN) of the purchaser.
“Within five (5) years from the effectivity of this Act and upon the establishment of a system capable of storing and
processing the required data, the Bureau shall require taxpayers engaged in the export of goods and services, taxpayers
engaged in e-commerce, and taxpayers under the jurisdiction of the Large Taxpayers Service to issue electronic receipts or
sales or commercial invoices in lieu of manual receipts or sales or commercial invoices, subject to rules and regulations to
be issued by the Secretary of Finance upon recommendation of the Commissioner and after a public hearing shall have
been held for this purpose:
Provided, That taxpayers not covered by the mandate of this provision may issue electronic receipts or, sales or
commercial invoices, in lieu of manual receipts, and sales and commercial invoices.

Requirement for Electronic Sales Reporting System (ESRS)
TYPE OF TAXPAYER SALES REPORTING

METHOD
Engaged in export
of goods ELECTRONIC
REPORTING
Engaged in export THROUGH
of services ELECTRONIC POINT
ESRS OF SALES SYSTEM
Large taxpayer
Data processing of sales and purchase data shall comply with the provisions of "Data Privacy Act" (RA No. 10173) and Section 270 of
NIRC, as amended, on unlawful divulgence of taxpayer information and such other laws relating to confidentiality of information.
The Bureau shall also establish policies, risk management approaches, actions, trainings, and technologies to protect the cyber
environment, organization, and data in compliance with the “Cybercrime Prevention Act of 2012” (RA No. 10175).

Fines and Penalties for Attempt to Evade or Defeat Tax
PhP 30K up to PhP 500K up to

PhP 100K and PhP 10M and
imprisonment of imprisonment of 6 to
Attempt to Evade
or Defeat Tax 2 to 4 years 10 years

Printing of Receipts or Sales/Commercial Invoices
TYPE OF VIOLATION 1997 TAX CODE RA NO. 10963

Without authority from Minimum: Minimum:
the Bureau of Internal PhP 1,000 PhP 500,000
Revenue
Maximum:
Double or multiple sets of Maximum:
PhP 50,000
invoices or receipts PhP 10M
Printing Unnumbered receipts or Imprisonment of
Violations sales or commercial not less than 2 Imprisonment of
invoices, not bearing the years but not more not less than 6
name, business style, TIN, than 4 years
years but not more
and business address of
the person or entity than 10 years
Other fraudulent receipts Not part of the

or sales or commercial enumeration of
invoices violations

Failure to transmit sales data entered on cash register machine
(CRM)/point of sales system (POS) machines to the BIR’s electronic sales
reporting system
1/10 of 1% of
the annual net
income Or PhP 10,000
(as reflected in the taxpayer’s
AFS for the second year
preceding the current taxable
year for each day of violation)
WHICHEVER IS HIGHER
Failure to Or
Submit Sales
Data
PERMANENT CLOSURE of the
business of the taxpayer
(if the aggregate number of days of violation

exceed 180 days within a taxable year)

Purchase, Use, Possession, Keeping or Maintaining of Sales
Suppression Devices
Cumulative
suppression of
electronic sales
Minimum: Imprisonment of record in excess of
not less than two the amount of
PhP 500,000 PhP 50,000,000
(2) years but not
Maximum: more than four (4) shall be considered
PhP 10,000,000 years as ECONOMIC
Sales SABOTAGE and
Suppression shall be punished
Devices in the MAXIMUM
PENALTY.

Offenses Relating to Fuel Marking
RA NO. 10963
PERSONS INVOLVED PENALTIES
Any person found to be engaged *First Offense:
in the sale, trade, delivery, Fine of P 2,500,000
distribution or transportation of
unmarked fuel in commercial *Second Offense:
quantity Fine of P 5,000,000
Any person who causes the
removal of the official fuel *Third Offense:
marking agent from marked fuel, Fine of P 10,000,000
Fuel Marking and the adulteration or dilution and REVOCATION of
of fuel intended for sale to the license to engage in any
domestic market, or the knowing trade or business
possession, storage, transfer or
offer for sale of fuel obtained as a
result of such removal,
adulteration or dilution:

RA NO. 10963
Any person who commits in making, *Fine of not less than
importing, selling, using or P 1,000,000 but not
possessing fuel markers without more than P
express authorities; 5,000,000; and
Making, importing, selling, using or
possessing counterfeit fuel markers; *Imprisonment of
not less than 4 years
Causing another person or entity to but not more than 8
Fuel Marking commit any of the two preceding years
acts;
Causing the sale, distribution, supply
or transport of legitimately
imported, in-transit, manufactured
or procured controlled precursors
and essential chemicals:

RA NO. 10963
Any person who willfully inserts, places, *Fine of not less than
adds, or attaches directly or indirectly, P 5,000,000.00 but not
through any overt or covert act, whatever more than P 10,000,000.00;
quantity of any unmarked fuel, counterfeit and
additive or chemical in the person, house,
effects, inventory, or in the immediate *Imprisonment of not less
vicinity of an innocent individual for the than 4 years but not more
purpose of implicating, incriminating or than 8 years
imputing the commission of any violation of
this Act
Fuel Marking
Any person who is authorized, licensed or *Additional penalty of
accredited under this Act and its imprisonment ranging from
implementing rules to conduct fuel tests, 1 year to 2 years and 6
who issues false or fraudulent fuel test months
results knowingly, willfully or through gross
negligence
“The additional penalties of revocation of the license to practice his profession in case of a practitioner, and the closure of the fuel
testing facility, may also be imposed at the instance of the court.”

Violations Committed by Government Enforcement Officers

Kinds of violations RETAINED with additional
enumerated from subsection:
subsections (a) to
(i) j) Deliberate failure to act
on the application for
refunds with the
prescribed period
provided under Section
112 of this Act.

BIR
ISSUANCES

Revenue Regulations No. 6-2018 – Requirements for
Deductibility of Certain Expenses
■ Revokes RR No. 12-2013
■ "Sec. 2.58.5. Requirements for Deductibility. - Any income payment which is

otherwise deductible under the Code shall be allowed as a deduction from the
payor's gross income only if it is shown that the income tax required to be withheld
has been paid to the Bureau in accordance with Secs. 57 and 58 of the Code.
A deduction will also be allowed in the following cases where no withholding of tax
was made:
(A) The payee reported the income and pays the tax due thereon and the
withholding agent pays the tax including the interest incident to the failure to
withhold the tax. and surcharges, if applicable, at the time of the
audit/investigation or reinvestigation/reconsideration.

Revenue Regulations No. 6-2018 – Requirements for
Deductibility of Certain Expenses
(B) The recipient/payee failed to report the income on the due date thereof. but
the withholding agent/taxpayer pays the tax. including the interest incident to the
failure to withhold the tax and surcharges, if applicable. at the time of
(C ) The withholding agent erroneously underwithheld the tax but pays the
difference between the correct amount and the amount of tax withheld including
the interest. incident to such error. and surcharges. if applicable. at the time of the
Items of deduction representing return of capital such as those pertaining to

purchases of raw materials forming part of finished product or purchases of goods
for resale. shall be allowed as deductions upon withholding agent's payment of the
basic withholding tax and penalties incident to non-withholding or
underwithholding.‖

Revenue Regulations No. 7-2018
■ Amending Certain Sections of Revenue Regulations No. 12-99, as Amended by

Revenue Regulations No. 18-13, Relative to the Due Process Requirement in the
Issuance of a Deficiency Tax Assessment
■ Revived Informal Conference

– lf the taxpayer is not amenable, based on the Officer's submitted report of
investigation, the taxpayer shall be informed, in writing, of the discrepancy or
discrepancies in the taxpayer's payment of his internal revenue taxes. for the
purpose of ―Informal Conference," in order to afford the taxpayer with an
opportunity to present his side of the case.

Revenue Regulations No. 7-2018
– The Informal Conference shall in no case extend beyond thirty (30) days from
receipt of the notice for informal conference.
– lf it is found that the taxpayer is still liable for deficiency tax or taxes after
presenting his side, and the taxpayer is not amenable, the office concerned
shall endorse the case within seven (7) days from the conclusion of the
Informal Conference to the Assessment Division of the Revenue Regional
Office or to the Commissioner or his duly authorized representative for
issuance of a deficiency tax assessment.

Jackie Lou D. Lamug
CPA - Lawyer
Mobile +63 917 8552684
Email jackieloulamug@gmail.com
Professional qualifications
►Lawyer
— Bachelor of Laws, San Beda

College Manila
— Member Integrated Bar of the
Philippines
►Certified Public Accountant
— BS Accountancy, Polytechnic
University of the Philippines -
Manila
— Member, Philippine Institute of
Certified Public Accountants
■ In providing our comments in these slides we have
relied upon our understanding of current Philippine
tax laws, regulations, rules, and issuances of the
relevant tax authorities as of this date. Should
these laws, regulations, rules, and issuances
change, some of the issues/conclusions discussed
in these slides may change as well. We will not be
responsible for updating the information herein,
unless we are specifically requested to do so.
Please also note that our comments and
conclusions have been put together on the basis of
our understanding of the facts as discussed above.
These slides are solely for your needs and are not
to be relied upon by any other person or entity.
Hence, if you wish to disclose copies of these slides
to any other person or entity, you must inform them
that they may not rely upon our work for any
purpose without our written consent.

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TAX UPDATES

(TRAIN LAW AND RELATED BIR ISSUANCES)

Atty. Jackie Lou D. Lamug, CPA

Tax Updates - Atty. Jackie Lou D. Lamug, CPA

Tax Updates - Atty. Jackie Lou D. Lamug, CPA

Tax Updates - Atty. Jackie Lou D. Lamug, CPA

Introduction and Implementation of

Tax Updates - Atty. Jackie Lou D. Lamug, CPA

Tax Updates - Atty. Jackie Lou D. Lamug, CPA

Tax Updates - Atty. Jackie Lou D. Lamug, CPA

■ Published in the Official Gazette:

Tax Updates - Atty. Jackie Lou D. Lamug, CPA

Tax Updates - Atty. Jackie Lou D. Lamug, CPA

Tax Updates - Atty. Jackie Lou D. Lamug, CPA

New income tax brackets

Tax Updates - Atty. Jackie Lou D. Lamug, CPA

Removed the following:

Personal and Premium payments on Persons with

Tax Updates - Atty. Jackie Lou D. Lamug, CPA

Tax Updates - Atty. Jackie Lou D. Lamug, CPA

PARTICULARS OLD TAX CODE NEW TAX CODE

Annual Gross Income xxx xxx

Tax Updates - Atty. Jackie Lou D. Lamug, CPA

Compensation Mixed Business/Professional

Revised graduated Gross sales/receipts

8% gross sales OPTIONAL

Non-VAT registered taxpayer VAT-registered

Tax Updates - Atty. Jackie Lou D. Lamug, CPA

1997 TAX CODE RA NO. 10963

Tax Updates - Atty. Jackie Lou D. Lamug, CPA

Tax Updates - Atty. Jackie Lou D. Lamug, CPA

TYPE OF INCOME 1997 TAX CODE RA NO. 10963

Tax Updates - Atty. Jackie Lou D. Lamug, CPA

stock exchange CGT

Tax Updates - Atty. Jackie Lou D. Lamug, CPA

PARTICULARS 1997 TAX CODE RA NO. 10963

Tax Updates - Atty. Jackie Lou D. Lamug, CPA

PARTICULARS 1997 TAX CODE RA NO. 10963

Tax Updates - Atty. Jackie Lou D. Lamug, CPA

*Provided that this shall not affect

Tax Updates - Atty. Jackie Lou D. Lamug, CPA

Tax Updates - Atty. Jackie Lou D. Lamug, CPA

ENTITY 1997 TAX CODE RA NO. 10963

Tax Updates - Atty. Jackie Lou D. Lamug, CPA

PARTICULARS 1997 TAX CODE RA NO. 10963

PhP 20,000 REPEALED

Tax Updates - Atty. Jackie Lou D. Lamug, CPA

Tax Updates - Atty. Jackie Lou D. Lamug, CPA

Old Rules New Rules

Tax Updates - Atty. Jackie Lou D. Lamug, CPA

Old Rules New Rules

Family home (max)

Tax Updates - Atty. Jackie Lou D. Lamug, CPA

PARTICULARS 1997 TAX CODE RA NO. 10963

Within 2 months after

(if gross value of estate

Tax Updates - Atty. Jackie Lou D. Lamug, CPA

Filing of estate tax

Statement duly certified

Time of filing of estate

Tax Updates - Atty. Jackie Lou D. Lamug, CPA

PARTICULARS 1997 TAX CODE RA NO. 10963

No limit but subject