Wednesday 13 December
Powered by Ajaxy
Dec 4, 2017 @ 21:50

Duterte’s tax reforms not only increase revenues, but make tax payments less complicated – Recto

 

The Senate version of the TRAIN (Tax Reform Acceleration and Inclusion) bill does not only cut income taxes but also the “red tape” in their settlement, Senator Ralph Recto said on Monday.

The Senate action was contained in several amendments to the National Internal Revenue Code (NIRC) which, once implemented, would relieve taxpayers of the “cumbersome and complicated” procedures in paying taxes.

“Simplified taxpaying is an important component of tax reform,” the Senate President Pro-Tempore said.

“Cutting the rates must go hand in hand with cutting the number of requirements,” said Recto, who authored the amendments.

Under the Senate version of the TRAIN, the 12-page Income Tax Return (ITR) for individuals and the 8-page ITR for corporations will be slashed to two pages.

Information to be supplied in the two-page ITR shall be limited to: Personal profile and information; Gross sales, receipts or income from compensation for services rendered, conduct of trade or business or the exercise of a profession, except income subject to final tax as provided under this code; Allowable deductions under this code; and Taxable income as defined in Section 31 of the NIRC.

The Senate, also upon the motion of Recto, voted to reduce the frequency of tax filings, with the Percentage Tax and VAT to be filed quarterly from the current monthly.

Tags: , , , , , , , , , , , ,

Related Stories
Bureau of Customs (BOC) Commissioner Isidro Lapeña said that tax credit certificates (TCCs) will be
The Joint Foreign Chambers of the Philippines (JFC) is batting to maintain the status quo
DAVAO CITY—The Duterte administration plans to reduce individual and corporate tax rates and at the
Let the tax reform bill be the government’s Christmas gift for Filipinos.


 

Trending News

Recommended on sister sites

Copyright © 2017 Bilyonaryo - bilyonaryo.com.ph.