NAIS nating ibahagi sa taxpaying public ang ilang mahahalagang bagay na dulot ng tax reform law o ang Tax Reform for Acceleration and Inclusion (TRAIN) law.
Ang dating itinakdang deadline sa filing ng annual Income Tax Return (ITR) na Abril 15 ay magiging Mayo 15 na. The personal and additional exemptions have been removed. Before, ang personal exemption ay P50,000 and additional exemption of P25,000 per qualified dependent.
Ang tax sa lotto winnings and PCSO prizes na before ay tax-exempt, ngayon ay papatawan na ng 20% tax if the amount of the prize or winnings is above ten thousand pesos (P10,000). Sa tax on stock transactions o sa sale of stocks not traded in the Philippine Stock Exchange (PSE), ang dating tax rate na 5-10% ay magiging 15% na. Habang ang sale of stocks that are traded in the PSE na may dating tax rate na 0.5% of the gross trade amount ay 0.6% na ang tax rate.
Ang Documentary Stamps (Doc Stamps) Tax na dating ₱0.75 to ₱1.50, ngayon ay doble na sa ₱1.50 to ₱3.00. Sa Donor’s Tax, ang dating 2% to 15% if the donor and donee are related, and 30% if the donation was to a stranger, ngayon ay flat rate na sa 6% regardless of the relationship between the donor and the donee. Habang ang donations or gifts below P250,000 na tax-exempt, ngayon ang donations with value of at least P250,000 are taxed using the new rate of 6% on the amount in excess of P250,000.
Sa estate na dating under current tax laws, only family homes worth P1 million are tax-exempt, ngayon ay itinakda na sa flat 6% rate on the amount in excess of P5 million. Estates with a net value of P5 million and below bago ma-tax-exempt and the family homes that are valued at no more than P10 million will also be exempted. At ang tax-exempt on 13th month pay and other benefits na nasa dating ₱82,000 ay ₱90,000 na ngayon.
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