At 145 words, the official title of the new tax law just signed by President Rodrigo Duterte on Dec. 19 – “An Act Amending Sections … “ already makes for tedious reading. How much more the body of the Tax Reform for Acceleration and Inclusion (TRAIN) law, its short name, which runs to some 107 pages?

ADVERTISEMENT - CONTINUE READING BELOW

To help you see how the new TRAIN law will affect your personal income tax obligations in 2018, here's an infographic that provides information on the tax due on selected annual net taxable income levels under the current tax regime and under the TRAIN law. (via Entrepreneur.com.ph)

*Taxable income is not the same as total income for the year. The taxable income is part of your total income subject to income tax, and is calculated by deducting personal and other deductions and allowable expenses from your total income. 

ADVERTISEMENT - CONTINUE READING BELOW

More From FemaleNetwork.com

And to get a better idea as to all the major changes we should expect, here's a reproduced and very concise summary prepared by one of the country’s most prominent tax accountants, Raymond Abrea. 

The law takes effect 15 days after it is published in the Official Gazette or publications of general circulation.

 

ADVERTISEMENT - CONTINUE READING BELOW

Popularly known as “The Philippine Tax Whiz,” Abrea is founder of the Abrea Consulting Group and the Center for Strategic Reforms of the Philippines, which conducts tax planning seminars for taxpayers. One of 2015’s The Outstanding Young Men of the Philippines (TOYM), Abrea also serves as advisor to the Bureau of Internal Revenue on tax administration matters.

More From FemaleNetwork.com

This story originally appeared on Entrepreneur.com.ph.

* Minor edits have been made by the Femalenetwork.com editors.

Get the latest updates from Female Network
Subscribe to our Newsletter!
View More Articles About:
Salary Current Events Taxes
Comments

Latest Stories

Andi Eigenmann Gets Real About Her Pregnancy Struggles

"I promised myself I'd stay healthy and take care of my body. But I kinda haven't been."

Here's Dani Barretto Getting Ready for Her Wedding to Xavi Panlilio

Marjorie Barretto gives our first look at her daughter Dani on her wedding day.
Load More Stories