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Author Topic: Duterte Signs TRAIN  (Read 965 times)

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Duterte Signs TRAIN
« on: December 21, 2017, 12:18:00 am »
THE HONORABLE HENRY C. ONG
2nd District of Leyte
Vice Chair, Committee on Banks & Financial Intermediaries
Member, Transportation, Visayas Development,
Economic Affairs, and 8 other committees
BUSINESSMAN-SOLON ASKS BIR, DoF TO ISSUE ADVISORY ON NEW INCOME TAX EXEMPTION AND TAX WITHHELD

Now that the TRAIN Law has been signed and will take effect 15 days after publication as stipulated in the law, I urge the Department of Finance and the Bureau of Internal Revenue to swiftly issue an implementing advisory to the general public on how the new personal income tax exemption and income brackets shall be applied starting January 1, 2018.

This would go a long way to clarify matters on how and when the exemption and salary deductions will be computed and applied starting the next cut-off period after January 1.

Some employers and taxpayers may be unable to quickly recalibrate their payroll systems and software in January 2018, so when would be the deadline for them to comply?

In my view, only the personal income tax exemption and salary deductions need immediate clarification while the other concerns in TRAIN can be addressed later.

I would imagine that many salaried employees and mixed-income individuals are excited about the new exemption level and the new income tax brackets. They want to feel the impact of the law in January 2018 as Congress and President Duterte intend.

Taxpayers also need to be reminded that when they file their ITRs on or before the April 16, 2018 deadline, the TRAIN Law does not apply to that because those ITRs would be for income earned in 2017. The TRAIN Law does not retroactively apply to 2017 income earned.

The advisory from the DoF and BIR would serve to set things straight early on and avoid confusion or misunderstandings.

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