BIR urge taxpayers to join discussions on Train Law

THE Bureau of Internal Revenue (BIR) urges all taxpayers to read the provisions of the Republic Act) - celeration and Inclusion (Train) and to participate in discussions of the same in public consulta can air their views, comments, and recommendations.

In December 2017, President Rodrigo Duterte signed the RA - tain lines. The public is likewise of certain provisions of the law with the BIR national, regional, various committees established by the bureau craft the implementing rules and regulations of the Train Law.

Meanwhile, the BIR has also issued Revenue Memorandum Circular ( RMC) No. 105- 2017, revising the withholding tax table on compensation pursuant to the amendments to the National Internal Revenue Code of 1997.

The RMC says that “with the forthcoming effectivity of RA imperative that a smooth transition as to withholding tax rates is ensured. Thus, for the information and guidance of all concerned, beginning January 1, 2018, every employer making compensation payments to their respective employees shall deduct and withhold from such compensation a tax determined in accordance with the Revised Withholding Tax Table.”

The BIR is also set to issue various Revenue Regulations (RR) on income tax, withholding tax, value added tax (VAT), excise tax on petroleum, excise tax on automobiles, excise tax on mineral products, excise tax on tobacco, excise tax on sweetened beverage, cosmetic procedures, estate and donor’s tax, percentage tax, and documentary stamp tax, as well as a Revenue Memorandum Order (RMO) on the VAT Refund System.