Are you Ready to ride in the TRAIN?
Last week, our local municipality, gathered all small, medium and big business in our place to conduct a seminar regarding the new law which has been implemented for this year 2018 under the Republic Act No. 10963 - Tax Reform For Acceleration and Inclusion (TRAIN).
The Bureau of Internal Revenue (BIR) representative discusses the changes in paying taxes, like how it will be computed. But I will not discuss here how the changes in paying taxes is computed. But I will share it to you what is the benefits of this new law.
Purpose of the TRAIN Law
Simpler because of the new law, the procedure in paying our taxes, has been made easy to do. Like the speaker told us that we don't need to hire a book keeper any more. Also the payment is being reduce, from monthly payment to quarterly.
Fairer because all the Filipino Citizen whether rich or poor, with regular job or jobless will pay the taxes. But of course for the jobless, it is indirect way of paying. Like if they will buy soft drinks, their vices (cigarette, alcoholic drinks) which we know these are subject of excess tax, then they will pay for the excess tax. In a way, this will be advantageous because they can control their life style if they don't have money to buy this high price commodities. When this, they can save money and their health too.
Efficient because of simple procedures in filing taxes, it will become more faster transactions. Unlike before the ITR usually is 12 pages, but with this new form it will be reduce into 2 pages only.
The proposed tax reform program aims to provide the needed additional revenues that would fund our country’s investment needs, promoting better lives for Filipinos.
As Filipinos, whether we like it or not, we must accept and abide with the new law or else we will be PENALIZED!
In preparation of the this TRAIN law, this morning, I accompanied my father in updating his taxes. before the deadline on March 31, 2018 to comply with the new law.
Photos are mine.
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Thank you for explaining about TRAIN. You let us understand more about the new system of taxes.
So wala na po monthly tax? Wala pa ata meeting sa amin ng ganyan..hehe
Wala na dette ang monthly, iaccumulate ung 3 months at babayaran sa quarterly. Maki meeting ka kc maraming changes. Para iwas penalty.
Wala naman po kc ata inoorganize ang munisipyo namin ngaun..hehe..tell nyo nalang po sa akin pag nagkita tau..hehe.tnx po
Ate may reporting kami tungkol sa TRAIN law sa Econ subject namin hehe .thank you
Tama ba cnabi ko d2 abt sa TRAIN law. Hehehe
On ate:)
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