Author Topic: TRAIN P250,000 income tax exemption and new income tax computations  (Read 536 times)

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REP. HENRY C. ONG
2nd District of Leyte
Vice Chair, Committee on Banks & Financial Intermediaries
BUSINESSMAN-SOLON URGES BUSINESSES TO COMPLY SOON WITH TRAIN LAW INCOME TAX PROVISIONS

Employers in the private sector should be able to iron out within the first quarter of this year the transition kinks in their implementation of the TRAIN P250,000 income tax exemption and new income tax computations.

Three months should be more than enough time to recalibrate the payroll software most businesses use.

One probable reason many private sector employers are unable to implement TRAIN is that they have not yet finished their withholding tax computations for the 2017 taxable year. Those computations are the basis for the issuance of the withholding tax certificate to their employees. For taxable year 2017, the old income tax laws are still in effect.

May I also take this opportunity to remind income tax payers this early to file or prepare for filing their income tax returns on or before this year’s deadline, which is April 16 (April 15 falls on a Sunday).

Next year and onwards, according to the TRAIN Law, the ITR filing deadline is on May 15. One reason the date was moved from April 15 to May 15 is the Holy Week holidays that sometimes fall on or the days before April 15.

Please be aware also that the BIR has recently issued four directives about the following:

1. Instructions for taxpayers subject to Percentage Tax and those required to withhold other Percentage Taxes and VAT, including VAT on government money payments and payments to non-residents;

2. All National Government Agencies shall use BIR Form No. 0605 in the filing and remittance of creditable and final withholding taxes thru the Electronic Filing and Payment System;

3. Withholding Agents shall remit their creditable and final withholding taxes for the first two (2) months of every quarter using BIR Form No. 0605 and indicating MC 200 for the ATC and WE or WF for the tax type, whichever is applicable; and

4. Taxes withheld within the first two (2) months and on the 3rd month of every taxable quarter shall be remitted thru BIR Form 0605 and BIR Form 1601EQ, respectively.

Concerned taxpayers and employers, please be guided accordingly. (END)

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