Mas Test Bank Question

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AUTHORS’ PROFILE
Neil and Alina Sison (NAS: The Professional-in-Pajamas, a.k.a.

Accountant-in-Pajamas) are the founders of Sison Corillo Parone & Co.
(SCP & Co./www.scp-ph.com), now one of the top accounting firms in
the Philippines and SJC Group of Companies. It is composed of over 12
companies engaged in professional services, education, training and
certification, software and information technology, retail, construction
and real estate, sales and marketing.
They are the authors of best-selling books: 1) Pass the CPA Board Exam,
10x the Probability, 2) Doctors can Avoid Unnecessary Taxes, 3) Doctors
Taxes Made Easy, 4) Dentist Taxes Made Easy, and 5) EntraProfessional
Accountants: 50 Stories. They have written 5 books to date and counting.
They consider themselves as Entrepreneurs by Intentional Accident.
They began their careers as ordinary employees for about 9 years. When
Neil is applying for a job, he is either overqualified or underqualified for
a position. He doesn’t want to work for a job he does not love to do. So,
he focused on establishing an accounting practice, just to “employ 6
people would be enough.” A work closest to his heart. Right now, they
manage more than 600 employees.
NAS have about 25 years each of expertise in the fields of organizational

leadership, operations, taxation, financial and business fraud audit,
business risk management, systems development and implementation, IT
audit, business process outsourcing, business set-up and registration,
human resource management and general business administration.
Neil has become a most-sought after and one of the in-demand

inspirational speakers who talks from an intelligent heart: An Intelligent
Heart Speaker. He was trained in Dale Carnegie School of
Communications and Guthrie-Jensen programs. As a seasoned speaker,
he has been travelling all over the country providing trainings on
extraordinary attitude, work values, leadership and supervisory,
counseling and mentoring, communication, sales negotiation and
customer service.
He is Certified Public Accountant (CPA), Certified Fraud Examiner (CFE),

Certified Internal Auditor (CIA), Certified Information Systems Auditor
(CISA), Registered Financial Advisor (RFA), Certified Real Estate
Appraiser (CREA), Certified Real Estate Broker (CRB), Certified Digital
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Marketer (CDM), Certified Tax Return Preparer (CTRP) and a holder of
various IT Certifications. He has a total of 15 certifications.
Alina is a Certified Public Accountant (CPA), Certified Internal Auditor

(CIA), Registered Financial Advisor (RFA), Certified Real Estate Broker
(CRB), and a holder of various IT Certifications.
They are graduates from the province – UP Tacloban. Their mission:

Extraordinary Professionals. Heroic Professionals.
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DISCLAIMER
This e-book is intended to aid the tax payers or their bookkeepers for an
easy understanding and simplified reference of the TRAIN Law. Certain
examples, opinions and interpretations cited here are only based on our
own interpretation and available Implementing Rules and Regulations as
of the release of this e-book. This, however, may not be used in lieu of an
expert opinion. For more clarification, you may still need to consult an
expert accountant or lawyer to address your specific concern.
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INTRODUCTION
This ebook TRAIN Law Simplified is made specifically for

PhilTax Window members or subscribers, for simpler and better
understanding of the new tax law.
Someone asked, “I am an engineering consultant and I have

learned from my accountant that with the new tax law I could
have big savings in my tax returns. Is it true?”
Yes, it’s true. As a self-employed individual, you have an option

to choose between the graduated tax rate and 8% flat tax rate
provided, that, your sales or receipts are within the VAT
threshold. You have a choice which option will benefit you.
There were also statements like, “I am just a simple employee and

I think I won’t really feel the effect since most of the beverages I
am buying will increase its price anyway”.
Well, it’s also true that excise tax on sweetened beverages

increased but if you look at it on the other side, it may actually
lead you to look for other healthier alternatives.
It only boils down to one conclusion that each of us have different

opinion and understanding on our tax law. Most of us think it is a burden
on one’s pocket. But it only depends on how we look at it. And we saw it
as an opportunity to encourage every tax payer to be knowledgeable
enough, know your options and pay the right taxes.
But, why are we doing this?
Our government needs our help to realize their planned projects,

like, infrastructures and other “Build, Build, Build” projects which will not
only benefit them but all of us as a citizen of our country. We know for a
fact that our government greatly depends on the taxes that we are paying.
But, what if taxes collected are not enough? Where will the government
get its funds?
If we really want change, it should have to start from us. We heard

that, with this TRAIN law, the government expects to generate around 80
to 90 billion pesos per year. However, what we believe is that, if each of
us will pay the right taxes, the government will make more than enough.
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We want to help government collect and the citizens or taxpayer
pay the right taxes. With that in mind, we made an effort to summarize
the TRAIN for you for easy reference and understanding.
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OVERVIEW
The Tax Reform for Acceleration and Inclusion (TRAIN) is the first
package of the comprehensive tax reform proposed by President Rodrigo
Duterte’s administration.
The TRAIN law program aims to create a more just, simple and
effective system of tax collection, as per the constitution, where the rich
will have a bigger contribution and the poor will benefit more from the
government’s programs and services.
TRAIN law seeks to raise P130 billion in revenue in order to

facilitate the funding of the government’s Build, Build, Build
infrastructure program and socio-economic programs.
The vision of TRAIN law is to achieve the following:
1. Poverty rate reduced from 26% to 17% (or some 10 million Filipinos
uplifted from poverty).
2. Law-abiding country.
3. Peace within the country and with our neighbors.
4. Achieve high middle-income status, where per capital gross national
income (GNI) increased from USD 3,000 to USD 4,200 by 2022 in
today’s money.
5. Eradicate extreme poverty.
6. Inclusive economic and political institutions where everyone has
equal opportunities.
7. Achieve high income status where per capital GNI increases from
USD 3,000 to USD 12,000 by 2040 in today’s money.
TRAIN has finally been signed into law by President Duterte on

December 19, 2017 as Republic Act No. 10963. It addresses several
weaknesses of the current tax system such as lowering and simplifying
personal income taxes, simplifying estate and donor’s taxes, expanding
the value-added tax (VAT) base, adjusting oil and automobile excise tax,
and introducing excise tax on sugar-sweetened beverages.
TRAIN has lowered the income tax rates in the personal income tax
schedule of individual taxpayers and introduced a new tax rate equivalent
to 8% allowing individual taxpayers to have significant tax savings and
higher take-home pays. It also made the taxation for estate and donor’s
taxes simpler and lower through the implementation of a 6% flat tax rate
on net estate and net donations. Certain allowable deductions from gross
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estate has also been increased. A considerable increase in VAT threshold
is also one of the substantial amendments in TRAIN. From the P1,919,500
to P3,000,00 VAT threshold, a substantial number of taxpayers has now
availed VAT exemption. Amendments increasing excise taxes particularly
on petroleum, mineral products and automobiles were made and a tax on
sugar-sweetened beverages has been implemented.
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We’ve made this e-book color-coded for your easy reference. Please see
below Color Coding guidance:
Red – Common for all
Blue – Employed
Violet – Self-employed/ Professional
Pink – Both Employed and Self-employed/ Professional
Orange – Corporation
Yellow – Common for all except for employed
Green – Others
Be it noted that some of the amendments included in the law has

corresponding VETO provision by the President. We have included notes
for your reference.
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TABLE OF CONTENTS
Page
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
I. Power and Duties of Internal Revenue . . . . . . . . . . . . . . . . . 11
II. Tax on Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
III. Tax on Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
IV. Computation of Taxable Income . . . . . . . . . . . . . . . . . . . . . . 16
V. Computation of Gross Income . . . . . . . . . . . . . . . . . . . . . . . . 17
VI. Allowable Deduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
VII. Returns and Payment of Tax . . . . . . . . . . . . . . . . . . . . . . . . . 19
VIII. Estate and Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
IX. Quarterly Corporate Income Tax Annual Declaration and
Quarterly Payment of Income Taxes . . . . . . . . . . . . . . . . . . . 22
X. Estate and Donor’s Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
XI. Value-Added Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
XII. Other Percentage Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
XIII. Excise Tax on Certain Goods . . . . . . . . . . . . . . . . . . . . . . . . . 33
XIV. Provision Regulating Business of Persons Dealing in
Articles subject to Excise Tax . . . . . . . . . . . . . . . . . . . . . . . . . 39
XV. Documentary Stamp Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
XVI. Compliance Requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
XVII. Administrative Provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
XVIII. Statutory Offenses and Penalties . . . . . . . . . . . . . . . . . . . . . 48
XIX. Crime, Other Offenses and Forfeitures . . . . . . . . . . . . . . . . . 49
XX. Penalties imposed on Public Officers . . . . . . . . . . . . . . . . . . 53
XXI. Special Disposition of Certain National Internal Revenue
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54
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I. POWERS AND DUTIES OF INTERNAL REVENUE
National Internal Revenue Code of 1997 R.A. No. 10963 or TRAIN Law
A. Power to obtain information, and to summon, examine, and take testimony of
persons
Sec. 5 (b) The power of the commissioner Additional Provision:
to obtain information from any person Cooperative Development Authority
other than the person whose internal shall submit to the Bureau a tax
revenue tax liability is subject to audit or incentive report, which shall include
investigation or from any office or officer information on the income tax, value-
of the national and local governments, added tax, and other tax incentives
government agencies and availed of by cooperatives registered
instrumentalities. and enjoying incentives under
Republic Act No. 6938. The
information submitted by the
Cooperative Development Authority
to the Bureau shall be submitted to
the Department of Finance and shall
be included in the database created
under Republic Act No. 10708
otherwise known as Tax Incentives
Management and Transparency Act
(TIMTA).
B. Examination of Returns and Determination of Tax Due
Sec. 6 (A) After a return has been filed, the The Commissioner or his duly
Commissioner or his duly authorized authorized representative shall have
representative may authorize the the authority notwithstanding any
examination of any taxpayer and the law requiring the prior authorization
assessment of the correct amount of tax. of any government agency or
instrumentality.
C. Authority of the Commissioner to Prescribe Real Property Values
Sec. 6 (E) The Commissioner is hereby The Commissioner shall, upon
authorized to determine the fair market mandatory consultation with
value of real properties. competent appraisers both from the
private and public sectors, and with
prior notice to affected taxpayers,
determine the fair market value of
real properties, subject to automatic
adjustment once every three (3) years
through rules and regulations issued
by the Secretary of Finance. No
adjustment in zonal valuation shall
be valid unless published in a
newspaper of general circulation or
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posted in conspicuous public places.
The basis of any valuation, shall be
public records open to the inquiry of
any taxpayer.
II. TAX ON INCOME

A. Rates of Income Tax on Individual
Sec. 24 (A) (2) Rates of Tax on Taxable A. For Compensation income earners
Income of Individuals - Compensation Effective January 1, 2018
income earners and self-employed
and/or professionals.
Amount of Net Taxable Income Amount of Net Taxable Income
Over But Not Rate Over But Not Rate
Over Over
10,000 5% 250,000 0%
10,000 30,000 500 + 10% of the 250,000 400,000 20% of the
excess over 10,000 excess over
250,000
30,000 70,000 2,500 + 15% of the 400,000 800,000 30,000 + 25% of
excess over 30,000 the excess over
400,000
70,000 140,000 8,500 + 20% of the 800,000 2,000,000 130,000 + 30% of
800,000
140,000 250,000 22,500 + 25% of the 2,000,000 8,000,000 490,000 + 32% of
2,000,000
250,000 500,000 50,000 + 30% of the 8,000,000 2,410,000 + 35%
excess over 250,000 of the excess
over 8,000,000
500,000 125,000 + 32% of the
excess over 500,000
Example: Ana is an accounting staff Example: Ana is an accounting staff

earning P20,000 monthly salary with 3 earning P20,000 monthly salary with
qualified dependents. 3 qualified dependents.
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Basic Salary (P20,000 x 12 P240,000 Basic Salary (P20,000 x 12 P240,000
mos.) mos.)
Less: Contribution to SSS, 11,175.6 Less: Contribution to 11,175.6
PHIC, HDMF SSS, PHIC,
Personal Exemption 50,000 HDMF
Additional exemption 75,000 Taxable Income P228,824.4
(P25,000 x 3)
Taxable Income P103,824.4 Tax Due: Ana did not exceed
Bracket over 70,000 to 140,000 8,500 P250,000, she is not liable to pay any
20% of the excess over 70,000 6,764.88 tax at the end of the taxable year
Tax Due P15,264.88
Effective January 1, 2023

Amount of Net Taxable Income
Over But Not Rate
Over
250,000 0%
250,000 400,000 15% of the
excess over
250,000
400,000 800,000 22,500 + 20% of
the excess over
400,000
800,000 2,000,000 102,500 + 25% of
the excess over
800,000
2,000,000 8,000,000 402,500 + 30% of
the excess over
2,000,000
8,000,000 2,202,500 + 35%
of the excess
over 8,000,000
B. For purely self-employed and
professionals
Earnings Rate
Below 250,000 0%
3,000,000 and Can choose between:
below 1. an 8% flat tax rate on
gross sales/receipt;
2. Based on the
graduated income tax
rate schedule
Over 3,000,000 Subject to graduated
income tax rate
schedule
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Example:
Gross Sales/ Receipts P700,000
In excess of 250,000 450,000
Flat Tax Rate x 8%
Tax Due P36,000
C. For Mixed Income Earners
1. All income from compensation
will be subject to taxes imposed
based on the graduated income
tax rates.
2. All income from business or
practice of profession will be
taxed based on the graduated
income tax rate. For gross
sales/receipts which do not
exceed the P3,000,000 VAT
threshold, the taxpayer has an
option to be taxed at an 8% flat
tax rate.
B. Rate of tax on certain passive income

Sec. 24 (B) (1) Philippine Charity PCSO and lotto winnings exceeding
Sweepstakes Office (PCSO) and lotto P10,000 would be subject to the 20%
winnings are exempt from the final tax of final tax.
20%.
A 7.5% final tax on interest income An increase to 15% on final tax

received by an individual taxpayer from imposed on Interest income received
a depository bank under the expanded by an individual taxpayer from a
foreign currency deposit system. depository bank under the expanded
foreign currency deposit system.
C. Capital Gains from Sale of Shares of Stock Not Traded in the Stock Exchange
Sec. 24 (C) A final tax at the rates A final tax at the rate of 15% is
prescribed below is hereby imposed on imposed on the sale of shares of
the sale of shares of stock in a domestic stocks in a domestic corporation,
corporation, except shares sold, or except shares sold or disposed of
disposed of through the stock exchange. through the stock exchange.
5% - Not over P100,000
10% - Any amount in excess of P100,000
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D. Alien individuals and qualified Filipinos employed by specific employers
Sec. 25 (C), (D) and (E) A rate of 15% final Beginning January 1, 2018, the 15%
withholding tax on the gross Preferential Tax treatment shall not
compensation income of alien individuals apply for all employees of RHQs,
and qualified Filipinos employed by the ROHQs, OBUs and PSCS registered
following employers: with the Securities and Exchange
• Alien Individual Employed by Commission.
Regional or Area Headquarters
(RHQs) and Regional Operating Note: This Item has been VETOED by
Headquarters (ROHQs) of President Rodrigo R. Duterte.
Multinational Companies
• Alien Individual Employed by
Offshore Banking Units (OBUs)
• Alien Individual Employed by
Petroleum Service Contractor and
Subcontractor (PSCS)
III. TAX ON CORPORATIONS

A. Government-owned or -Controlled Corporations, Agencies or
Instrumentalities
Sec. 27 (C) The provisions of existing Corporate income tax exemption of
special or general laws to the contrary Philippine Charity Sweepstakes
notwithstanding, all corporations, Office (PCSO) is removed.
agencies, or instrumentalities owned or
controlled by the Government, except the
Government Service and Insurance
System (GSIS), the Social Security System
(SSS), the Philippine Health Insurance
Corporation (PHIC), the local water
districts (LWD) and the Philippine
Charity Sweepstakes Office (PCSO), shall
pay such rate of tax upon their taxable
income as are imposed by this Section
upon corporations or associations
engaged in a similar business, industry,
or activity.
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B. Passive Income on Interest from Deposits and Yield or any other Monetary
Benefit from Deposit Substitutes and from Trust Funds and Similar
Arrangements, and Royalties
Sec. 27 (D) (1) The interest income derived The interest income derived by a
by a domestic corporation from a domestic corporation from a
depository bank under the expanded depository bank under the expanded
foreign currency deposit system shall be foreign currency deposit system shall
subject to a final income tax at the rate of be subject to a final income tax at the
seven and one-half percent (7.5%) of such rate of fifteen percent (15%) of such
interest income. interest income.
C. Capital Gains from the Sale of Shares of Stock Not Traded in the Stock Exchange
Sec. 27 (D) (2) A final tax at the rates A final tax at the rate of 15% is
prescribed below is hereby imposed on imposed on the sale of shares of
the sale of shares of stock in a domestic stocks in a domestic corporation,
corporation, except shares sold, or except shares sold through the stock
disposed of through the stock exchange. exchange.
5% - Not over P100,000

10% - On any amount in excess of
P100,000
IV. COMPUTATION OF TAXABLE INCOME

A. Definition of Taxable Income
Sec. 31 The term ‘taxable income’ means The personal and additional
the pertinent items of gross income, less exemptions were removed.
the deductions and/or personal and
additional exemptions, if any, authorized
for such types of income by this Code or
other special laws.
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V. COMPUTATION OF GROSS INCOME
A. 13th Month Pay and Other Benefits
Sec. 32 (B)(7)(e) 13th month pay and other 13th month pay, and other benefits
benefits amounting to P82,000 is exempt from the computation of
exempted from the computation of gross gross income is increased to P90,000.
income.
The provision of power of the
The President shall adjust the amount of President to adjust the amount of
income tax exemption to its present value benefit is removed.
using the Consumer Price Index (CPI) for
other benefits such as productivity
incentives and Christmas bonus every
three years.
Example: Ana is an accounting staff Example: Ana is an accounting staff

earning P20,000 monthly salary. She earning P20,000 monthly salary. She
received incentive bonus and 13th month received incentive bonus and 13th
pay amounting to P80,000 and P20,000, month pay amounting to P80,000 and
respectively. P20,000, respectively.
Non- Taxable Non- Taxable

taxable taxable
13th month pay 20,000 13th month pay 20,000
Incentive Bonus 80,000 Incentive Bonus 80,000
Exempt (82,000) 18,000 Exempt (90,000) 10,000
B. Special Treatment of Fringe Benefit

Sec. 33 (A) A final tax of thirty-two A final tax of thirty-five percent
percent (32%) is hereby imposed on the (35%) is hereby imposed on the
grossed-up monetary value of fringe grossed-up monetary value of fringe
benefit furnished or granted to the benefit furnished or granted to the
employee (except rank and file employees employee (except rank and file
as defined herein) by the employer. The employees as defined herein) by the
grossed-up monetary value of the fringe employer. The grossed-up monetary
benefit shall be determined by dividing value of the fringe benefit shall be
the actual monetary value of the fringe determined by dividing the actual
benefit by sixty eight percent (68%). monetary value of the fringe benefit
by sixty five percent (65%).
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Example: XYZ Co. purchased a Example: XYZ Co. purchased a
residential unit and transferred the residential unit and transferred the
ownership of such property to Ana, a ownership of such property to Ana, a
manager, as fringe benefit. The fair manager, as fringe benefit. The fair
market value is P4,000,000. Compute for market value is P4,000,000. Compute
the fringe benefit tax. for the fringe benefit tax.
Grossed-up monetary value P5,882,353 Grossed-up monetary P6,153,846

(4,000,000/ 68%) value (4,000,000/ 65%)
Fringe Benefit rate x 32% Fringe Benefit rate x 35%
Fringe Benefit Tax P1,882,353 Fringe Benefit Tax P2,153,846
VI. ALLOWABLE DEDUCTION

A. Deductions from Gross Income - Optional Standard Deduction
Sec. 34 (L) In lieu of the deductions Additional Provision:
allowed, an individual subject to tax, other A general professional partnership
than a nonresident alien, may elect a and the partners comprising such
standard deduction in an amount not partnership may avail of the
exceeding forty percent (40%) of his gross optional standard deduction only
sales or gross receipts, as the case may be. once, either by the general
professional partnership or the
partners comprising the
partnership.
B. Allowance of Personal Exemption for Individual Taxpayer

Sec. 35 Personal Exemption amounting to Repealed
Fifty thousand pesos (P50,000); and
Additional Exemption amounting to
Twenty-five thousand pesos (P25,000) for
each dependent not exceeding four (4).
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VII. RETURNS AND PAYMENT OF TAX
A. Individual Return
Sec. 51 (A)(2)(a) An individual whose An individual whose taxable income
gross income does not exceed his total does not exceed ₱250,000 shall not be
personal and additional exemptions for required to file an income tax return.
dependents shall not be required to file
an income tax return. Provided, that a Additional Provisions:
citizen of the Philippines and any alien The income tax return (ITR) shall
individual engaged in business or consist of a maximum of four (4)
practice of profession within the pages in paper form or electronic
Philippine shall file an income tax return, form, and shall only contain the
regardless of the amount of gross income. following information:
1. Personal profile and information;
2. Total 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
3. Allowable deductions
4. Taxable income
5. Income tax due and payable
No Existing Provision Sec. 51-A Individual taxpayers

receiving purely compensation
income, from only one employer in
the Philippines for the calendar year,
the income tax of which has been
withheld correctly by the said
employer shall not be required to file
an annual income tax return. The
certificate of withholding filed by the
respective employers, duly stamped
‘received’ by the BIR, shall be
tantamount to the substituted filing
of income tax returns by said
employees.
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B. Corporation Returns
Sec. 52 (A) The return shall be filed by the Additional Provision:
president, vice-president or other The income tax return shall consist of
principal officer, and shall be sworn to by a maximum of four (4) pages in paper
such officer and by the treasurer or form or electronic form, be filed by
assistant treasurer. the president, vice president or other
principal officer, shall be sworn to by
such officer and by the treasurer or
assistant treasurer, and shall only
contain the following information:
1. Corporate profile and
information;
2. Gross sales, receipts or income
from services rendered, or
conduct of trade or business,
except income subject to final tax
as provided under this Code;
3. Allowable deductions under this
Code;
4. Taxable income as defined in
Section 31 of this Code; and
5. Income tax due and payable.
C. Payment and Assessment of Income Tax for Individuals and Corporation

Sec. 56 (A)(2) Installment payment - The second installment shall be paid
When the tax due is in excess of Two on or before October 15 following the
thousand pesos (P2,000), the taxpayer close of the calendar year.
other than a corporation may elect to pay
the tax in two (2) equal installments in
which case, the first installment shall be
paid at the time the return is filed and the
second installment, on or before July 15
following the close of the calendar year.
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D. Withholding of Creditable Tax at Source
Sec. 57 (B) The Secretary of Finance may, Additional Provision:
require the withholding of a tax on the Beginning January 1, 2019, the rate of
items of income payable to natural or withholding shall not be less than one
juridical persons, residing in the percent (1%) but not more than
Philippines, by payor- fifteen percent (15%) of the income
corporation/persons, at the rate of not payment.
less than one percent (1%) but not more
than thirty-two percent (32%) thereof,
which shall be credited against the
income tax liability of the taxpayer for the
taxable year.
E. Returns and Payment of Taxes Withheld at Source

Sec. 58 The return for final withholding The return for final and creditable
tax shall be filed and the payment made withholding taxes shall be filed and
within twenty-five (25) days from the the payment made not later than the
close of each calendar quarter, while the last day of the month following the
return for creditable withholding taxes close of the quarter during which
shall be filed and the payment made not withholding was made.
later than the last day of the month
following the close of the quarter during
which withholding was made. Provided, The provision allowing the
that the Commissioner, with the approval Commissioner of Internal Revenue to
of the Secretary of Finance, may require pay or deposit the taxes deducted or
these withholding agents to pay or withheld tax at more frequent
deposit the taxes deducted or withheld at intervals is removed.
more frequent intervals when necessary
to protect the interest of the government.
VIII. ESTATE AND TRUST

A. Exemption Allowed to Estates and Trusts
Section 62. For the purpose of the tax Repealed
provided for in this Title, there shall be
allowed an exemption of Twenty thousand
pesos (PhP20,000) from the income of the
estate or trust.
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IX. QUARTERLY CORPORATE INCOME TAX ANNUAL DECLARATION
AND QUARTERLY PAYMENTS OF INCOME TAXES
A. Declaration of Income Tax for Individuals
Sec. 74 (A) Every individual subject to Filing a declaration of estimated
income tax, who is receiving self- income is changed from April 15 to
employment income, whether it May 15.
constitutes the sole source of his income or
in combination with salaries, wages and
other fixed or determinable income, shall
make and file a declaration of his
estimated income for the current taxable
year on or before April 15 of the same
taxable year.
B. Return and Payment of Estimated Income Tax by Individuals

Sec. 74 (B) The amount of estimated Payment of fourth installment shall
income shall be paid in 4 installments. On be paid on or before 15 May of the
which the fourth installment shall be paid following calendar year.
on or before April 15 of the following
calendar year.
C. Income Tax Collected at Source

Sec. 79 (D) and (F) Personal Exemptions These provisions are removed.
and Husband and Wife, respectively.
X. ESTATE AND DONOR'S TAXES

National Internal Revenue Code of 1997 R.A. No. 10963 or TRAIN
Law
A. Rates of Estate Tax
Sec. 84 Estate Tax table: Estate tax rate is fixed at 6%.
Over But not Tax Plus Of the
Over shall be excess
over
P200,000 Exempt
200,000 500,000 0 5% 200,000
500,000 2,000,000 15,000 8% 500,000
2,000,000 5,000,000 135,000 11% 2,000,000
5,000,000 10,000,000 465,000 15% 5,000,000
10,000,000 1,215,000 20% 10,000,000
22
Law
Example: Example:
Net Estate P2,500,000
Net Estate P2,500,000
Tax at P2,000,000 135,000
Estate tax rate x 6%
11% of the excess over 2,000,000 55,000
Tax Due P150,000
Tax Due P190,000
B. Computation of Net Estate

Sec. 86 (A) Deductions Allowed to the Estate of Removed:
Citizen or a Resident • Funeral expenses
1. Expenses, losses, indebtedness, and taxes • Judicial expenses
- Funeral expenses not exceeding P200,000 • Medical expenses
- Judicial expenses
2. The Family home not exceeding P1,000,000 Increased:
3. Standard deduction of P1,000,000 • Allowance for deduction
4. Medical expenses not exceeding P500,000 of family home to
P10,000,000.
• Standard deduction to
P5,000,000.
Sec. 86 (B) Deductions Allowed to Nonresident Removed:
Estates – A nonresident not a citizen of the • Expenses, losses,
Philippines is allowed the following deductions, indebtedness, and taxes.
among others:
1. Expenses, losses, indebtedness, and taxes Additional Provision:
- Funeral expenses not exceeding P200,000 • A standard deduction of
- Judicial expenses P500,000.
2. Property previously taxed • A proportion of the
3. Transfers for public use claims against the estate,
claims against insolvent
persons, and unpaid
mortgages may be claimed
as a deduction from the
estate.
Sec. 86 (D) Miscellaneous Provisions. - No This provision is removed.
deduction shall be allowed in the case of a
nonresident not a citizen of the Philippines, unless
the executor, administrator, or anyone of the heirs,
as the case may be, includes in the return required
to be filed under Section 90 the value at the time of
his death of that part of the gross estate of the
nonresident not situated in the Philippines.
23
Law
C. Notice of Death to be Filed
Sec. 89 In all cases of transfers subject to tax, or Repealed
where, though exempt from tax, the gross value of
the estate exceeds Twenty thousand pesos
(PhP20,000), the executor, administrator or any of
the legal heirs, as the case may be, within two (2)
months after the decedent's death, or within a like
period after qualifying as such executor or
administrator, shall give a written notice thereof to
the Commissioner.
D. Estate Tax Returns
Sec. 90 In all cases of transfers subject to the tax The exemption of P200,000
imposed herein, those have gross value of the on the amount of gross estate
estate exceeds Two hundred thousand pesos is removed.
(P200,000), or regardless of the gross value of the
estate, where the said estate consists of registered
or registrable property shall file a return.
Sec. 90 (3) Estate tax returns showing a gross value Certification by CPA shall
exceeding Two million pesos (P2,000,000) shall be now be required for those
supported with a statement duly certified to by a estate tax return exceeding
Certified Public Accountant. Five million pesos
(P5,000,000).
Sec. 90 (B) The estate tax return shall be filed The estate tax return shall be
within six (6) months from the decedent's death. filed within one (1) year
from the decedent’s death.
E. Payment of Tax
Sec. 91 Payment of estate tax Additional Provision:
Sec. 91 (C) Payment by
Installment. — In case the
available cash of the estate is
insufficient to pay the total
estate tax due, payment by
installment shall be allowed
within two (2) years from the
statutory date for its
payment without civil
penalty and interest.
24
Law
F. Payment of Tax Antecedent to the Transfer of Shares, Bonds or Rights
Sec. 97 Banks which has a knowledge of the death Allow any withdrawals
of the person, shall not allow any withdrawal from from the said deposit
the said deposit account without the account which is subject to a
Commissioner certifying that taxes imposed final withholding tax of six
thereon have already been paid. (6%).
The administrator of the estate or any one of the

heirs may, when authorized by the Commissioner,
withdraw an amount not exceeding P20,000 even
without the certification from the Commissioner
that the estate taxes have been paid.
G. Rates of Tax Payable by Donor
Sec. 99 (A) Donor’s Tax Rate The tax for each calendar
Over But Not Tax Plus Of the year shall be six percent (6%)
Over shall be Excess computed on the basis of the
Over total gifts in excess of Two
P100,000 Exempt hundred fifty thousand
P100,000 200,000 0 2% P100,000 pesos (₱250,000) exempt gift
200,000 500,000 2,000 4% 200,000 made during the calendar
500,000 1,000,000 14,000 6% 500,000 year whether the donee is a
1,000,000 3,000,000 44,000 8% 1,000,000 stranger or not.
3,000,000 5,000,000 204,000 10% 3,000,000
5,000,000 10,000,000 404,000 12% 5,000,000
10,000,000 1,004,000 15% 10,000,000
Sec. 99 (B) Tax Payable by Donor if Donee is a

Stranger - When the donee or beneficiary is
stranger, the tax payable by the donor shall be
thirty percent (30%) of the net gifts.
Example: Example:
Donated to relative: Net of Donation P700,000
Net of Donation P700,000 In excess of: 250,000
Tax at P500,000 14,000 Taxable Donation 450,000
6% in excess of 500,000 12,000 Rate x 6%
Tax Due P26,000 Tax Due P27,000
Donated to stranger:
Net of Donation P700,000
Donor’s tax rate 30%
Tax due P210,000
25
Law
H. Transfer for Less Than Adequate and full Consideration
Sec. 100 The amount by which the fair market Additional Provision:
value of the property exceeded the value of the The sale, exchange, or other
consideration shall be deemed a gift and shall be transfer of property made in
included in computing the amount of gifts made the ordinary course of
during the calendar year. business (a transaction
which is a bona fide, at arm’s
length, and free from any
donative intent), will be
considered as made for an
adequate and full
consideration in money or
money’s worth.
I. Exemption of Certain Gifts

Sec. 101 Dowries or gifts made on account of Repealed
marriage, the first P10,000 are exempt from
donor’s tax.
XI. VALUE- ADDED TAX

A. Zero-Rated Sale
Sec. 106 (A)(2) VAT zero-rating on sale of For Item 1 - Sale of gold to BSP is
goods classified as: reclassified from export sales to
a) The term export sales means: exempt transactions.
1. Sale of gold to the Bangko Sentral For Item 2 - The goods, supplies,
ng Pilipinas (BSP); equipment and fuel shall be used for
2. Sale of goods, supplies, international shipping or air
equipment and fuel to persons transport operations.
engaged in international shipping For Item 3, 4, 5 - shall be subject to
or international air transport 12% VAT upon the successful
operations. establishment and implementation
3. Sale of raw materials or packaging of an enhanced VAT refund system
materials to a nonresident buyer that grants refunds of creditable
26
for delivery to a resident local input tax within 90 days from filing
export-oriented enterprise to be of the VAT refund application with
used in manufacturing, the BIR and all pending VAT refund
processing, packing or repacking claims as of 31 December 2017 shall
in the Philippines of the said be fully paid in cash by 31 December
buyer’s goods and paid for in 2019.
acceptable foreign currency and Removed:
accounted for in accordance with • Foreign currency denominated
the rules and regulations of the sales
(BSP)
4. Sale of raw materials or packaging Note: This Item has been VETOED
materials to export-oriented by President Rodrigo R. Duterte.
enterprise whose export sales
exceed seventy percent (70%) of Note: The following are supposed to
total annual production be included in the zero-rated sale
5. Those considered export sales but was vetoed by the President:
under Executive Order No. 226, Sale and delivery of goods to:
otherwise known as the Omnibus (i) Registered enterprise within a
Investment Code of 1987, and separate customs territory as
other special laws; provide under laws; and
(ii) Registered enterprise within
Foreign currency denominated sales tourism enterprise zones as
declared by the Tourism
Infrastructure and Enterprise
Zone Authority (TIEZA) subject
to the provisions under Republic
Act No. 9593 or The Tourism Act
of 2009.
B. Value-Added Tax on Importation of Goods

Sec. 107 (A) There shall be levied, assessed The VAT on the Importation of
and collected on every importation of Goods increased at Twelve percent
goods a value-added tax equivalent to 10% (12%).
based on the total value used by the
Bureau of Custom in determining tariff
and customs duties, plus customs duties,
excise taxes.
27
C. Rate and Base of Tax
Sec. 108 (A) Provision defines sale or Sale of electricity by generation
exchange of services. companies, transmission by any
entity, and distribution companies,
including electric cooperatives is
included in the definition of sale or
exchange of services.
D. Transactions Subject to Zero Percent (0%) Rate
Sec. 108 (B) Zero-rated sales of services For Item 1 - Those services shall be
include: exclusive for international shipping
1. Services rendered to persons engaged or air transport operations
in international shipping or For Items 2 and 3 - Subjected to 12%
international air transport operations, VAT upon successful establishment
including leases of property for use and implementation of an enhanced
thereof VAT refund system that grants
2. Processing, manufacturing or refunds of creditable input tax
repacking goods for other persons within 90 days from filing of the
doing business outside the VAT refund application with the
Philippines which goods are BIR and all pending VAT refund
subsequently exported, where the claims as of 31 December 2017 shall
services are paid for in acceptable be fully paid in cash by 31 December
foreign currency and accounted for in 2019.
accordance with the rules and
regulations of the BSP Note: This Item has been VETOED
3. Services performed by subcontractors by President Rodrigo R. Duterte.
and/or contractors in processing,
converting, or manufacturing goods Note: The following are supposed to
for an enterprise whose export sales be included in the zero-rated sale
exceed seventy percent (70%) of total but was vetoed by the President:
annual production Services rendered to:
(i) Registered enterprise within a
separate customs territory as
provide under laws; and
(ii) Registered enterprise within
tourism enterprise zones as
declared by the Tourism
Infrastructure and Enterprise Zone
Authority (TIEZA) subject to the
provisions under Republic Act No.
9593 or The Tourism Act of 2009.
28
E. Exempt Transactions
Sec. 109 (1) Following transactions shall be For Item 1 - Importation of
exempt from the value-added tax: professional instruments and
1. Importation of professional implements, tools of trade,
instruments implements, wearing occupation or employment, wearing
apparel, etc. belonging to persons apparel, etc. belonging to persons
coming to settle in the Philippines, for coming to settle in the Philippines or
their own use and not for sale, Filipinos or their families and
accompanying such persons or descendants who are now residents
arriving within 90 days before or after or citizens of other countries,
their arrival; referred as overseas Filipinos, for
2. Sale of real properties not primarily their own use and not for sale,
held for sale to customers or held for accompanying such persons, or
lease in the ordinary course of trade arriving within a reasonable time.
or business, or real property utilized For Item 2 - Beginning January 1,
for low-cost and socialized housing, 2021, the VAT exemption shall only
residential lot valued at P1,500,000 apply to sale of real properties not
and below, house and lot, and other primarily held for sale to customers
residential dwellings valued at or held for lease in the ordinary
P2,500,000. course of trade or business, sale of
3. Lease of a residential unit with a real property utilized for socialized
monthly rental not exceeding Ten housing, sale of house and lot, and
thousand pesos P10,000 other residential dwellings with
4. Importation of fuel, goods, and selling price of not more than Two
supplies by persons engaged in million pesos P2,000,000.
international shipping of air transport For Item 3 - Lease of a residential
operations; and unit with a monthly rental not
5. Sale or lease of goods or properties or exceeding Fifteen thousand pesos
the performance of services, the gross P15,000
annual sales and/or receipts do not For Item 4 - Exemption of the
exceed the amount of One million five importation of fuel, goods and
hundred thousand pesos P1,500,000. supplies shall only apply if such are
used for international shipping or
air transport operations.
For Item 5 - Sale or lease of goods or
properties or the performance of
services the, gross annual sales
and/or receipts do not exceed the
29
amount of Three million pesos
P3,000,000.
Additional Provision:
• Exemption for sale or lease of
goods and services to senior
citizens and persons with
disability.
• Exemption for transfer of
property made by the parties
involved during merger or
consolidation such as follows:
1. Property in exchange for
stock in a corporation
2. Stock of a corporation in
exchange of stock of another
corporation
3. Securities of a corporation
in exchange for stock or
securities of a corporation.
Reference: Section 40 (C)(2) of NIRC
• Exemption for association dues,
membership fees, and other
assessments and charges
collected by homeowners’
associations and condominium
corporation.
• Exemption for sale of gold to
BSP.
Exemption for sale of drugs and
medicines prescribed for diabetes,
high cholesterol, and hypertension
beginning January 1, 2019
30
F. The input tax on domestic purchase or importation of goods or properties by a
VAT-registered person
Sec. 110 (A) (2)(b) The input tax on goods Additional Provision:
purchased or imported in a calendar The amortization of the input VAT
month for use in trade or business for shall only be allowed until
which deduction for depreciation is December 31, 2021 after which
allowed, shall be spread evenly over the taxpayers with unutilized input
month of acquisition and the 59 VAT on capital goods purchased or
succeeding months if the aggregate imported shall be allowed to apply
acquisition cost for such goods, excluding the same as scheduled until fully
the VAT component thereof, exceeds utilized.
P1,000,000.
G. Refunds or Tax Credits of Input Tax
Section 112 (C) The Commissioner shall The Commissioner shall grant a
grant a refund or issue the tax credit refund for creditable input taxes
certificate for creditable input taxes within within ninety (90) days from the
one hundred twenty (120) days from the date of submission of the official
date of submission of complete documents receipts or invoices and other
in support of the application filed. documents in support of the
application filed. The Commissioner
In case of full or partial denial of the claim should find that the grant of refund
for tax refund or tax credit, or the failure is not proper, the Commissioner
on the part of the Commissioner to act on must state in writing the legal and
the application within the period factual basis for the denial.
prescribed above, the taxpayer affected
may, within thirty (30) days from the In case of full or partial denial of the
receipt of the decision denying the claim or claim for tax refund, the taxpayer
after the expiration of the one hundred affected may, within 30 days from
twenty day-period, appeal the decision or the receipt of the decision denying
the unacted claim with the Court of Tax the claim, appeal the decision with
Appeals. the Court of Tax Appeals. The
failure on the part of any official or
agent or employee of the BIR to act
on the application within the 90-day
period shall be punishable under
Sec. 269 of this Code.
31
H. Return and Payment of Value-Added Tax
Sec. 114 (A) Every person liable to pay the Additional Provision:
value-added tax imposed shall file a Beginning January 1, 2023, the filing
quarterly return of the amount of his gross and payment shall be done within
sales or receipts within twenty-five (25) twenty-five (25) days following the
days following the close of each taxable close of each taxable quarter.
quarter prescribed for each taxpayer. The
VAT-registered persons shall pay the
value-added tax on a monthly basis.
I. Withholding of Value-Added Tax
Sec. 114 (C) Government shall, before Beginning January 1, 2021, the VAT
making payment on account of each withholding system shall shift from
purchase of goods and services which are final to a creditable system. The
subject to the value-added tax deduct and payment for lease or use of property
withhold a final value-added tax at the rate rights to non-resident owners shall
of five percent (5%) of the gross payment. be subject to twelve percent (12%)
Payment for lease or use of properties or withholding tax at the time of
property rights to nonresident owners payment. The payments for
shall be subject to ten percent (10%) purchases of goods and services
withholding tax at the time of payment. arising from projects funded by
Official Development Assistance
(ODA) shall not be subject to the
final withholding tax system.
XII. OTHER PERCENTAGE TAXES

A. Tax on Persons Exempt from Value-Added Tax (VAT)
Sec. 116 Any person whose sales or This provision is retained.
receipts are exempt from the payment of
VAT and who is not a VAT-registered Note: This Item has been VETOED
person shall pay a tax equivalent to three by President Rodrigo R. Duterte.
percent (3%) of his gross quarterly sales or
receipts.
32
B. Tax on Sale, Barter or Exchange of Shares of Stock Listed and Traded through
the Local Stock Exchange or through Initial Public Offering
Sec. 127 (A) There shall be levied, assessed The tax rate imposed increase at the
and collected on every sale, barter, rate of six-tenths of one percent
exchange, or other disposition of shares of (6/10 of 1%).
stock listed and traded through the local
stock exchange other than the sale by a
dealer in securities, a tax at the rate of one-
half of one percent (1/2 of 1%) of the gross
selling price or gross value in money of the
shares of stock sold.
C. Returns and Payment of Percentage Taxes
Sec. 128 The Commissioner may prescribe Repealed
the time for filing the return and time of
payment, including a scheme of tax
prepayment of other percentage taxes.
XIII. EXCISE TAX ON CERTAIN GOODS

A. Goods subject to Excise Taxes
Sec. 129 Excise taxes apply to goods Excise taxes also apply to the services
manufactured or produced in the performed in the Philippines.
Philippines for domestic sales or
consumption or for any other disposition
and to things imported.
B. Cigars and Cigarettes

Sec. 145 (B) Cigarettes Packed by Hand Imposes excise tax on cigarettes
shall be based on the following schedule: packed by hand and packed by
machines at the following schedule:
Effective Jan. 1, 2013 P12/pack Effective Jan. 1, 2018 P32.50/pack
Jan. 1, 2014 15/pack Jul. 1, 2018 35/pack
Jan. 1, 2015 18/pack Jan. 1, 2020 37.50/pack
Jan. 1, 2016 21/pack Jan 1, 2022 40/pack
Jan. 1, 2017 30/pack
33
Sec. 145 (C) Cigarettes Packed by Machine
shall be based on the following schedule:
Effective P11.50 and More than

below P12.00
Jan. 1, 2013 12.00/pack 25.00/pack The rates of tax imposed shall be
Jan. 1, 2014 17.00/pack 27.00/pack increased by 4% every year effective
Jan. 1, 2015 21.00/pack 28.00/pack on January 1, 2024, through revenue
Jan. 1, 2016 25.00/pack 29.00/pack regulations issued by the Secretary of
Jan. 1, 2017 30.00/pack 30.00/pack Finance.
C. Manufactured Oils and Other Fuels
Sec. 148 Excise Tax Rate:
Manufactured Oils and Excise tax rates Manufactured Jan. Jan. Jan.
Other Fuels Oils and Other 1, 1, 1,
Fuels 2018 2019 2020
Lubricating oils and greases P4.50 per Lubricating oils P8.00 9.00 10.00
liter/kg (per liter) and
greases (per kg)
Processed gas 0.05 per liter Processed gas P8.00 9.00 10.00
(per liter)
Waxes and petrolatum 3.50 per kg Waxes and P8.00 9.00 10.00
petrolatum (per
kg)
Denatured alcohol 0.05 per liter Denatured P8.00 9.00 10.00
alcohol (per
liter)
Naphtha, regular gasoline 4.35 per liter Naphtha, 7.00 9.00 10.00
and other similar products regular
of distillation gasoline,
PYROLYSIS
GASOLINE
and other
similar
products of
distillation and
(per liter)
Unleaded premium 5.35 per liter UNLEADED 7.00 9.00 10.00
gasoline premium
gasoline (per
liter)
Aviation turbo jet fuel 3.67 per liter Aviation turbo 4.00 4.00 4.00
jet fuel,)
34
AVIATION
GAS (per liter
Kerosene 0.00 per liter Kerosene (per 3.00 4.00 5.00
liter)
Diesel fuel oil 0.00 per liter Diesel fuel oil 2.50 4.50 6.00
(per liter)
Liquefied Petroleum Gas 0.00 per liter Liquefied 1.00 2.00 3.00
Petroleum Gas
(per kg)
Asphalt 0.56 per kg Asphalt (per 8.00 9.00 10.00
kg)
Bunker fuel oil 0.00 per liter Bunker fuel oil 2.50 4.50 6.00
(per liter)
Petroleum coke 2.50 4.50 6.00
(per metric ton)
For the period covering 2018 to 2020,

the scheduled increase in the excise
tax on fuel as imposed in this Section
shall be suspended when the average
Dubai crude oil price based on Mean
of Platts Singapore (MOPS)for three
(3) months prior to the scheduled
increase of the month reaches or
exceeds Eighty dollars (USD 80) per
barrel.
The following items are exempt from

excise tax:
• Naphtha and pyrolysis gasoline,
when used as a raw material in
the production of petrochemical
products, or in the refining of
petroleum products, or as
replacement fuel for natural-gas-
fired-combined cycle power
plant in lieu of locally-extracted
natural gas during the non-
availability thereof.
• Production of petroleum
products, whether they are
35
classified as products of
distillation and for use solely for
the production of gasoline.
• Liquefied petroleum gas when
used as raw material in the
production of petrochemical
products;
• Petroleum coke, when used as
feedstock to any power
generating facility.
Excise taxes paid on the purchased

base stock (bunker) used in the
manufacture or excisable articles and
forming part thereof shall be
credited against the excise tax due
therefrom.
Note: This Item has been VETOED

by President Rodrigo R. Duterte.
D. Mandatory Marking of all Petroleum Products

No Existing Provision Sec. 148-A - The Secretary of Finance
shall require the use of an official fuel
marking or similar technology on
petroleum products that are refined,
manufactured, or imported into the
Philippines, and that are subject to
the payment of taxes and duties,
such as but not limited to, unleaded
premium gasoline, kerosene, and
diesel fuel oil after the taxes and
duties thereon have been paid.
36
E. Excise tax on automobiles
Sec. 149 Excise Tax imposed on Excise Tax schedule on automobiles,
automobiles are as follows: amended:
Net Manufacture’s Rate Amount Excise Tax Rate

price/ Importer’s
selling price
Up to P600,000 2% Not over P600,000 4%
Over P600,000 to P12,000 + 20% of Over 600,000 to 10%
P1,100,000 value in excess of 1,000,000
P600,000
Over P1,100,000 to P112,000 + 40% of Over 1,000,000 to 20%
P2,100,000 value in excess of 4,000,000
P1,100,000
Over P2,100,000 P512,000 + 60% of Over 4,000,000 50%
value excess of
P2,100,000
Indexation of brackets by the Secretary of Hybrid vehicles shall be subject to
Finance every two years is pegged on a fifty percent (50%) of the applicable
percentage of the change in the exchange excise tax rates on automobiles. The
rate of the Philippine peso against the purely electric vehicles and pick-
United States dollar. ups shall be exempt from excise tax
on automobiles.
Jeeps are considered automobiles.
Pick-ups are considered as trucks.
Indexation of brackets by the

Secretary of Finance is removed.
Example: Example:
Selling Price P1,500,000 Selling Price P1,500,000
Bracket over P1,100,000 to 112,000 Bracket over P1,100,000 to 20%
2,100,000 4,000,000
40% in excess of 1,100,000 160,000 Tax Due P300,000
Tax Due P272,000
37
F. Non-essential Services
No Existing Provision Sec. 150 (A) A tax equivalent to five
percent (5%) based on the gross
receipts derived from the
performance of services on invasive
cosmetic procedures, surgeries, and
body enhancements directed solely
towards improving, altering, or
enhancing the patient’s appearance
and do not meaningfully promote
the proper function of the body or
prevent or treat illness or disease.
This tax shall not apply to

procedures necessary to ameliorate a
deformity arising from a congenital
or developmental defect or
abnormality, a personal injury
resulting from an accident or trauma,
or disfiguring disease, tumor, virus
or infection; and cases or treatments
covered by the National Health
Insurance Program.
G. Sweetened Beverages
No Existing Provision Sec. 150 (B) A tax of Six pesos (P6.00)
per liter of volume capacity shall be
imposed on sweetened beverages
using purely caloric sweeteners, and
purely non-caloric sweeteners, or a
mix of caloric and non-caloric
sweeteners.
This tax rate shall not apply to

sweetened beverages using high
fructose corn syrup; and sweetened
beverages using purely coconut sap
sugar and purely steviol glycosides.
38
H. Mineral Products
Sec. 151 Excise Tax on Mineral Products Increased excise taxes on domestic or
• P10/metric ton - On coal and coke imported coal and coke,
• 2% - Actual market value of the gross notwithstanding any incentives
output of all nonmetallic minerals and granted in any law or special law, to
quarry resources wit:
• Metallic minerals are subject to the
following taxes: • Effective Jan. 1, 2018, P50/metric
1 to 2% - copper and other metallic ton
minerals • Effective Jan. 1, 2019,
2% - gold and chromite P100/metric ton
• 3% - Indigenous petroleum • Effective Jan. 1, 2020,
P150/metric ton
Increased excise tax on nonmetallic

and metallic minerals to 4%.
Increased excise tax on indigenous

petroleum to 6%.
XIV. PROVISIONS REGULATING BUSINESS OF PERSONS DEALING IN

ARTICLES SUBJECT TO EXCISE TAX
A. Manufacturers and/or Importers to Provide Themselves with Counting or
Metering Devices to Determine Volume of Production and Importation
Sec. 155 Manufacturers of cigarettes, Additional Provision:
alcoholic products, oil products and other • Department of Finance shall
articles subject to excise tax that can be maintain a registry of all
similarly measured shall provide petroleum manufacturers
themselves with such necessary number of and/or importers and the
suitable counting or metering devices to articles being manufactured
determine as accurately as possible the and/or imported.
volume, quantity or number of the articles • Department of Finance shall
produced. mandate the creation of a real-
time inventory of petroleum
articles being manufactured,
imported o found in storage
depots of such petroleum
39
manufacturers and/or
importers.
• Importers of finished petroleum
products shall also provide
themselves with Bureau-
accredited metering devices to
determine as accurately as
possible the volume of
petroleum products imported
by them.
B. Authority of Internal Revenue Officer in Searching for and Testing Taxable
Articles
Sec. 171 Authority of Internal Revenue Additional Provisions:
Officer in Searching Taxable Articles Subject to rules and regulations to be
issued by the Secretary of Finance,
the Commissioner of Internal
Revenue or his authorized
representatives may conduct
periodic random field tests and
confirmatory tests on fuel required
to be marked found in warehouses,
storage tanks, gas stations and other
retail outlets, and in such other
properties of persons engaged in the
sale, delivery, trading,
transportation, distribution, or
importation of fuel intended for the
domestic market.
• Random field testing shall be
conducted in the presence of
revenue or customs officers, fuel
marking provider, and the
authorized representative of the
owner of the fuel to be tested. An
employee assigned or working
at the place where the random
field tests conducted shall be
deemed an authorized
representative of the owner.
40
• All field tests shall be properly
filmed or video-taped and
documented.
• A sample of the randomly tested
fuel shall be immediately
obtained by the revenue or
customs officer upon
discovering that the same is
unmarked, adultered, or
diluted.
• Confirmatory fuel test
certificates issued by fuel testing
facilities shall be valid for any
legal purpose from the date of
issue and shall constitute
admissible and conclusive
evidence before any court.
XV. DOCUMENTARY STAMP TAX

A. Stamp Taxes
Secs. 174-175, 177-182, 186, 188-195 The Increased the rates for the following
following are the corresponding DSTs: transactions:
Sec. 174 Stamp Tax P1.00 on each 200 Sec. 174 Stamp P2.00 on each
on Original Issue of the par value or Tax on Original 200 of the par
of Shares of Stock actual Issue of Shares value or actual
consideration for of Stock consideration
no-par shares for no-par
shares
Sec. 175 Stamp Tax 0.75 on each 200 of Sec. 175 Stamp 1.50 on each
on Sales, the par value; or Tax on Sales, 200 of the par
Agreements to Sell. 25% of the DST Agreements to value; or 50%
Memoranda of paid upon original Sell. of the DST paid
Sales, Deliveries or issuance of no-par Memoranda of upon original
Transfer of Shares shares Sales, issuance of no-
or Certificates of Deliveries or par shares
Stock Transfer of
Shares or
41
Certificates of
Stock
on Certificates of the face value Tax on 200 of the face
Profits or Interest Certificates of value
in Property or Profits or
Accumulations Interest in
Property or
Accumulations
Sec. 178 Stamp Tax 1.50 on each Sec. 178 Stamp 3.00 on each
on Bank Checks, instrument Tax on Bank instrument
Drafts, Certificates Checks, Drafts,
of Deposit Not Certificates of
Bearing Interest, Deposit Not
and Other Bearing
Instruments Interest, and
Other
Instruments
on All Debt the issue price Tax on All Debt 200 of the issue
Instruments Instruments price
on All Bills of the face value Tax on All Bills 200 of the face
Exchange or Drafts of Exchange or value
Drafts
Upon Acceptance the face value Tax Upon 200 of the face
of Bills of Acceptance of value
Exchange and Bills of
Others Exchange and
Others
on Foreign Bills of the face value Tax on Foreign 200 of the face
Exchange and Bills of value
Letters of Credit Exchange and
Letters of
Credit
on Policies of premium or Tax on Policies 200 of
Annuities installment of Annuities premium or
payment installment
payment
42
on Pre-Need Plans the premium or Tax on Pre- 200 of the
contribution Need Plans premium or
collected contribution
collected
Sec. 188 Stamp Tax 15.00 per Sec. 188 Stamp 30.00 per
on Certificates certificate Tax on certificate
Certificates
Sec. 189 Stamp Tax 15.00 per Sec. 189 Stamp 30.00 per
on Warehouse warehouse receipt Tax on warehouse
Receipts (valued at 200 or Warehouse receipt (valued
more) Receipts at 200 or more)
Sec. 190 Stamp Tax 0.10 on every 1.00 Sec. 190 Stamp 0.20 on every
on Jai-Alai, Horse cost of the ticket Tax on Jai-Alai, 1.00 cost of the
Racing Tickets, Horse Racing ticket
lotto or Other Tickets, lotto or
Authorized Other
Numbers Games Authorized
Numbers
Games
Sec. 191 Stamp Tax Exempt if Sec. 191 Stamp Exempt if
on Bills of Lading bill/receipts not Tax on Bills of bill/receipts
or Receipts exceeding 100; Lading or not exceeding
1.00 for Receipts 100; 2.00 for
bill/receipts not bill/receipts
exceeding 1,000; or not exceeding
10.00 for 1,000; or 20.00
bill/receipts for bill/
exceeding 1,000 receipts
exceeding
1,000
on Proxies proxy of voting Tax on Proxies proxy of voting
on Powers of power of attorney; Tax on Powers power of
Attorney except for acts of Attorney attorney;
connected with except acts
claims due connected with
to/from the claims due
government to/from the
government
43
Sec. 194 Stamp tax 3.00 for the first Sec. 194 Stamp 6.00 for the first
on Leases and 2,000 + 1.00 for tax on Leases 2,000 + 2.00 for
Other Hiring every 1,000 and Other every 1,000
Agreements thereafter Hiring thereafter
Agreements
Sec. 195 Stamp Tax 20.00 for the first Sec. 195 Stamp 40.00 for the
on Mortgages, 5,000 + 10.00 on Tax on first 5,000 +
Pledges and Deeds every 5,000 Mortgages, 20.00 on every
of Trust thereafter Pledges and 5,000 thereafter
Deeds of Trust
B. Stamp Tax on Life Insurance Policies
Sec. 183 Policies of insurance or other Increased on DST Rate on life
instruments are subjected to the following insurance policies:
Documentary Stamp Tax rates:
Does not exceed P100,000 Exempt Does not exceed P100,000 Exempt
Exceeds 100,000 but does not 10.00 Exceeds 100,000 but does 20.00
exceed 300,000 not exceed 300,000
exceed 1,000,000 not exceed 1,000,000
Exceeds 1,000,000 100.00 Exceeds 1,000,000 200.00
C. Stamp tax on Deeds of Sale and Conveyances of Real Property
Sec. 196 Documentary Stamp Tax is Documentary Stamp Tax collected
collected on deeds of sale and conveyances on deeds of sale, conveyances and
of real property only. donations of real property. Transfers
exempt from donor’s tax are
exempted from DST.
D. Stamp Tax on Charter Parties and Similar Instruments
Sec. 197 Every charter party and similar Every charter party and similar
instrument shall be collected a DST at the instrument shall be collected a DST
following rates: at the following rates:
Registered DST rate Registered DST rate
tonnage tonnage
Does not exceed P500 + an additional tax Does not P1,000 + an additional
1,000 tons of PHP50 for each month exceed 1,000 tax of PHP100 for each
or fraction of a month in tons month or fraction of a
excess of 6 months month in excess of 6
months
44
Exceeds 1,000 tons 1, 000 + an additional tax Exceeds 1,000 2,000 + an additional
and does not of 100 for each month or tons and does tax of 200 for each
exceed 10,000 tons fraction of a month in not exceed month or fraction of a
excess of 6 months 10,000 tons month in excess of 6
months
Exceeds 10,000 1, 500 + an additional tax Exceeds 10,000 3,000 + an additional
tons of 150 for each month or tons tax of 300 for each
fraction of a month in month or fraction of a
excess of 6 months month in excess of 6
months
XVI. COMPLIANCE REQUIREMENTS

A. Keeping of Books of Accounts
Sec. 232 All corporations, companies, All corporations, companies,
partnerships or persons required by law to partnerships or persons required by
pay internal revenue taxes shall keep a law to pay internal revenue taxes
journal and a ledger or their equivalents. shall keep and use relevant and
appropriate set of bookkeeping
Those whose quarterly sales, earnings, records.
receipts, or output do not exceed Fifty
thousand pesos (P50,000) shall keep and Books of accounts with gross annual
use simplified set of bookkeeping records. sales, earnings, receipts or output
Books of accounts with gross quarterly exceeding P3,000,000 must be
sales, earnings, receipts or output audited and examined yearly by
exceeding P150,000 must be audited and independent Certified Public
examined yearly by independent Certified Accountants.
Public Accountants.
XVII. ADMINISTRATIVE PROVISIONS

A. Registration Requirements
Sec. 236 (A) The registration shall contain Additional Provision:
the taxpayer's name, style, place of The Commissioner shall simplify
residence, business, and such other business registration and tax
information as may be required by the compliance requirements of self-
Commissioner. employed individuals and/or
professionals.
45
Sec. 236 (G) Persons Required to Register Persons Required to Register for
for Value-Added Tax. Value-Added Tax.
(a) His gross sales or receipts for the past (a) His gross sales or receipts for the
twelve (12) months, other than those past twelve (12) months, other
that are exempt, have exceeded One than those that are exempt, have
million five hundred thousand pesos exceeded Three million pesos
(P1,500,000); or (P3,000,000); or
(b) There are reasonable grounds to (b) There are reasonable grounds to
believe that his gross sales or receipts believe that his gross sales or
for the next twelve (12) months, other receipts for the next twelve (12)
than those that are exempt, will exceed months, other than those that are
One million five hundred thousand exempt, will exceed Three
pesos (P1,500,000). million pesos (P3,000,000).
Sec. 236 (H) Any person who elects to Additional Provision:
register for VAT shall not be entitled to Any person taxed under Sec. 24
cancel his registration for the next three (3) (A)(2)(B) and Sec. (A)(2)(c)(2)(a) of
years. TRAIN Law who elected to pay the
eight percent (8%) tax on gross sales
or receipts shall not be allowed to
avail the optional registration for
Value-Added tax exempt person.
Sec. 237 (A) All person subject to an All person subject to an internal
internal revenue tax shall, for each sale and revenue tax shall, at the point of each
transfer of merchandise or for services sale and transfer of merchandise or
rendered valued at Twenty-five pesos for services rendered valued at One
P25.00 or more, issue duly registered hundred pesos (P100) or more, issue
receipts or sale or commercial invoices, duly registered receipts or sale or
prepared at least in duplicate, showing the commercial invoices, showing the
date of transaction, quantity, unit cost and date of transaction, quantity, unit
description of merchandise or nature of cost and description of merchandise
service. or nature of service.
Additional Provisions:
• Within five (5) years from the
effectivity of this Act and upon
the establishment of a system
capable of storing and
processing the required data. the
Bureau shall require taxpayers
46
engaged in the export of goods
and services, taxpayers engaged
in e-commerce, and taxpayers
under the jurisdiction of the
Large Taxpayers Service to issue
electronic receipts or sales or
commercial invoices in lieu of
manual receipts or sales or
commercial invoices.
• Taxpayers not covered by the
mandate of this provision may
issue electronic receipts or, sales
or commercial invoices, in lieu
of manual receipts, and sales
and commercial invoices.
• Digital records shall keep and
preserve the same in his place of
business for a period of three (3)
years from the close of the
taxable year in which such
invoice or receipt was issued.
No Existing Provision Sec. 237-A Within five (5) years from
the effectivity of this Act and upon
the establishment of a system
capable of storing and processing
the required data, the Bureau shall
require taxpayers engaged in the
export of goods and services, and
taxpayers under the jurisdiction of
the Large Taxpayers Service to
electronically report their sales data
to the Bureau through the use of
electronic point of sales systems.
Machines, fiscal devices and fiscal

memory devices shall be at the
expense of the taxpayer.
47
The data processing of sales and
purchase data shall comply with the
provisions of R.A. No. 10173
otherwise known as the Data
Privacy Act, the unlawful
divulgence of taxpayer information
and such other laws relating to the
confidentiality of information.
The Bureau shall also establish

policies, risk management
approaches, actions, trainings, and
technologies to protect the cyber
environment, organization, and data
in compliance with Republic Act No.
10175 or the Cybercrime Prevention
Act of 2012.
XVIII. STATUTORY OFFENSES AND PENALTIES

A. Interest
Sec. 249 There shall be assessed and There shall be assessed and collected
collected on any unpaid amount of tax, on any unpaid amount of tax,
interest at the rate of twenty percent (20%) interest at the rate of double the
per annum, or such higher rate as may be legal interest rate for loans or
prescribed by rules and regulations, from forbearance of any money in the
the date prescribed for payment until the absence of an express stipulation as
amount is fully paid. set by the BSP from the date
prescribed by rules and regulations,
from the date prescribed for
Any deficiency in the tax due shall be payment until the amount is fully
assessed and collected from the date paid.
prescribed for its payment until the full
payment thereof. Delinquency and deficiency interest
shall in no case be imposed
simultaneously.
48
XIX. CRIMES, OTHER OFFENSES AND FORFEITURES
A. Attempt to Evade or Defeat Tax
Sec. 254 Any person who willfully A fine increased of not less than Five
attempts in any manner to evade or defeat hundred thousand pesos (P500,000)
any tax shall, in addition to other penalties but not more than Ten million pesos
provided by law, upon conviction thereof, (P10,000,000), and imprisonment of
be punished by a fine not less than Thirty not less than six (6) years but not
thousand (P30,000) but not more than One more than ten (10) years.
hundred thousand pesos (P100,000) and
suffer imprisonment of not less than two
(2) years but not more than four (4) years.
B. Failure or refusal to Issue Receipts or Sales or Commercial Invoices, Violations
related to the Printing of such Receipts or Invoices and Other Violations
Sec. 264 (B) Any person who commits any Any person who commits any of the
of the acts enumerated hereunder shall be acts enumerated hereunder shall be
penalized with a fine of not less than penalized with a fine of not less than
P1,000 but not more than P50,000 and Five hundred thousand pesos
imprisonment of not less than two years (P500,000) but not more than Ten
but not more than four years for the million pesos (P10,000,000), and
following: imprisonment of not less than six (6)
1. Printing of receipts or sales or years but not more than ten (10)
commercial invoices without authority years.
from the Bureau of Internal Revenue;
2. Printing of double or multiple sets of Including printing of other
invoices or receipts; fraudulent receipts or sales or
3. Printing of unnumbered receipts or commercial invoices.
sales or commercial invoices, not
bearing the name, business style,
Taxpayer Identification Number, and
business address of the person or
entity.
No Existing Provision on the Failure to Sec. 264-A Any taxpayer required to
Transmit Sales Data Entered on Cash transmit sales data to the Bureau’s
Register Machine (CRM)/Point of Sales electronic sales reporting system but
System (POS) Machines to the BIR’s fails to do so, shall pay, for each day
Electronic Sales Reporting System of violation, a penalty amounting to
one-tenth of one percent (1⁄10 of 1%)
of the annual net income as reflected
in the taxpayer’s audited financial
49
statement for the second year
preceding the current taxable year
for each day of violation or Ten
thousand pesos (P10,000),
whichever is higher.
If the aggregate number of days of

violation exceed one hundred eighty
(180) days within a taxable year, an
additional penalty of permanent
closure of the taxpayer shall be
imposed.
If the failure to transmit is due to

force majeure or any causes beyond
the control of the taxpayer the
penalty shall not apply.
No Existing Provision on the Purchase, Sec. 264-B Any person who shall
Use, Possession, Sale or Offer to Sell, purchase, use, possess, sell or offer
Installment, Transfer, Update, Upgrade, to sell, install, transfer, update,
Keeping or Maintaining of Sales upgrade, keep, or maintain any
Suppression Devices software or device designed for, or is
capable of: (a) suppressing the
creation of electronic records of sale
transactions that a taxpayer is
required to keep under existing tax
laws and/or regulations; or (b)
modifying, hiding, or deleting
electronic records of sales
transactions and providing a ready
means of access to them, shall be
punished by a fine of not less than
Five hundred thousand pesos
(P500,000) but not more than Ten
million pesos (P10,000,000), and
suffer imprisonment of not less than
two (2) years but not more than four
(4) years: Provided, That a
cumulative suppression of
50
sales record in excess of the amount
of Fifty million pesos (P50,000,000)
shall be considered as economic
sabotage and shall be punished in
the maximum penalty provided for
under this provision.
No existing penalty provisions for offenses Sec. 265-A
relating to fuel marking 1. Any person who is found to be
engaged in the sale, trade,
delivery, distribution or
transportation of unmarked fuel
in commercial quantity held for
domestic use or merchandise
shall, upon conviction, suffer the
penalties of:
• 1st offense: a fine of P2.5 million
• 2nd offense: a fine of P5 million
• 3rd offense: a fine of P10 million
and revocation of license to
engage in any trade or business
2. Any person who causes the
removal of the official fuel
marking agent from marked
fuel, and the adulteration or
dilution of fuel intended for sale
to the domestic market, or the
knowing possession, storage,
transfer or offer for sale of fuel
obtained as a result of such
removal, adulteration or
dilution shall be penalized in the
same manner and extent.
3. Any person who commits any of
the acts enumerated hereunder
shall, upon conviction, be
punished by a fine of not less
than One million pesos
(₱1,000,000) but not more than
Five million pesos (₱5,000,000),
51
and suffer imprisonment of not
less than four (4) years but not
more than eight (8) years:
• Making, importing, selling,
using or possessing fuel markers
without express authority;
• Making, importing, selling,
using or possessing counterfeit
fuel markers;
• Causing another person or
entity to commit any of the two
(2) preceding acts; or
• Causing the sale, distribution,
supply or transport of
legitimately imported, in-
transit, manufactured or
procured controlled precursors
and essential chemicals, in
diluted, mixtures or in
concentrated form, to any
person or entity penalized in
Subsections (a), (b), or (c).
4. Any person who willfully

inserts, places, adds or attaches
directly or indirectly, through
any overt or covert act, whatever
quantity of any unmarked fuel,
counterfeit additive or chemical
in the person, house, effects,
inventory, or in the immediate
vicinity of an innocent
individual for the purpose of
implicating, incriminating or
imputing the commission of any
violation of this Act shall, upon
conviction, be punished by a
fine of not less than Five million
52
pesos (₱5,000,000) but not more
than Ten million pesos
(₱10,000,000) and suffer
imprisonment of not less than
four (4) years but not more than
eight (8) years.
5. Any person who is authorized,

licensed or accredited to conduct
fuel test, who issues false or
fraudulent fuel test results
knowingly, willfully or through
gross negligence, shall suffer the
additional penalty of
imprisonment ranging from one
(1) year and one (1) day to two (2)
years and six (6) months.
XX. PENALTIES IMPOSED ON PUBLIC OFFICERS

A. Violations Committed by Government Enforcement Officers
Sec. 269 Impose a fine of not less than Fifty Added in the list of offenses:
thousand pesos (P50,000) but not more Deliberate failure to act on the
than One hundred thousand pesos application for refunds within the
(P100,000) and suffer imprisonment of not prescribed period provided under
less than ten (10) years but not more than Section 112 of this Act.
fifteen (15) years and shall likewise suffer
an additional penalty of perpetual
disqualification to hold public office, to
vote, and to participate in any public
election for the offenses committed by
Government Enforcement Officers
53
XXI. SPECIAL DISPOSITION OF CERTAIN NATIONAL INTERNAL
REVENUE TAXES
A. Disposition of Incremental Revenue
Sec. 288 Disposition of Incremental For five (5) years from the effectivity
Revenue of this Act, the yearly incremental
revenues generated shall be
automatically appropriated as
follows:
• Not more than-seventy percent
(70%) to fund infrastructure
projects such as the Build, Build,
Build Program and provide
infrastructure programs to
address congestion through
mass transport and new road
networks military
infrastructure, sports facilities
for public schools, and potable
drinking water supply in all
public places
• Not more than 30% to fund: -
Programs supporting the
sugarcane industry - Social
mitigating measures and
investments in education,
health, social protection, and
housing among others. - Social
welfare and benefits programs
Note: This Item has been VETOED

by President Rodrigo R. Duterte.
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1

Neil and Alina Sison (NAS: The Professional-in-Pajamas, a.k.a.

They consider themselves as Entrepreneurs by Intentional Accident.

NAS have about 25 years each of expertise in the fields of organizational

Neil has become a most-sought after and one of the in-demand

He is Certified Public Accountant (CPA), Certified Fraud Examiner (CFE),

Alina is a Certified Public Accountant (CPA), Certified Internal Auditor

They are graduates from the province – UP Tacloban. Their mission:

This ebook TRAIN Law Simplified is made specifically for

Someone asked, “I am an engineering consultant and I have

Yes, it’s true. As a self-employed individual, you have an option

There were also statements like, “I am just a simple employee and

Well, it’s also true that excise tax on sweetened beverages

It only boils down to one conclusion that each of us have different

But, why are we doing this?

Our government needs our help to realize their planned projects,

If we really want change, it should have to start from us. We heard

TRAIN law seeks to raise P130 billion in revenue in order to

The vision of TRAIN law is to achieve the following:

TRAIN has finally been signed into law by President Duterte on

Red – Common for all

Violet – Self-employed/ Professional

Pink – Both Employed and Self-employed/ Professional

Yellow – Common for all except for employed

Be it noted that some of the amendments included in the law has

II. TAX ON INCOME

Example: Ana is an accounting staff Example: Ana is an accounting staff

Effective January 1, 2023

B. Rate of tax on certain passive income

A 7.5% final tax on interest income An increase to 15% on final tax

III. TAX ON CORPORATIONS

5% - Not over P100,000

IV. COMPUTATION OF TAXABLE INCOME

Example: Ana is an accounting staff Example: Ana is an accounting staff

Non- Taxable Non- Taxable

B. Special Treatment of Fringe Benefit

Grossed-up monetary value P5,882,353 Grossed-up monetary P6,153,846

VI. ALLOWABLE DEDUCTION

B. Allowance of Personal Exemption for Individual Taxpayer

No Existing Provision Sec. 51-A Individual taxpayers

C. Payment and Assessment of Income Tax for Individuals and Corporation

E. Returns and Payment of Taxes Withheld at Source

VIII. ESTATE AND TRUST

B. Return and Payment of Estimated Income Tax by Individuals

C. Income Tax Collected at Source

X. ESTATE AND DONOR'S TAXES

B. Computation of Net Estate

The administrator of the estate or any one of the

Sec. 99 (B) Tax Payable by Donor if Donee is a

I. Exemption of Certain Gifts

XI. VALUE- ADDED TAX

B. Value-Added Tax on Importation of Goods

XII. OTHER PERCENTAGE TAXES

XIII. EXCISE TAX ON CERTAIN GOODS

B. Cigars and Cigarettes

Effective P11.50 and More than

For the period covering 2018 to 2020,

The following items are exempt from

Excise taxes paid on the purchased

Note: This Item has been VETOED

D. Mandatory Marking of all Petroleum Products

Net Manufacture’s Rate Amount Excise Tax Rate

Indexation of brackets by the

This tax shall not apply to