This document provides a summary of key amendments to the personal income tax provisions in the TRAIN Law (Republic Act No. 10963) as compared to the previous tax code under Republic Act No. 8424. Some of the key changes summarized include the introduction of new personal income tax brackets from 2018 to 2022 and for 2023 onwards, changes to the tax treatment of certain types of income like lottery winnings, interest income from foreign currency deposits, and capital gains from the sale of non-traded stocks. It also discusses the tax treatment of self-employed individuals and mixed income earners. One amendment related to preferential tax rates for certain regional headquarters and petroleum contractors was vetoed by the President.

1. This report is solely for the use of client personnel. No part of it may be circulated, quoted or reproduced for distribution outside
the client organization without prior written approval from Reyes Tacandong & Co.
Comparison of
RA No. 10963
and RA No. 8424,
as amended
Rotary Club of Manila
January 25, 2018

2. Background of the Tax Reform
• The Tax Reform for Acceleration and Inclusion amends certain provisions of
Republic Act No. 8424 (The National Internal Revenue Code of 1997), as
amended.
• The enrolled bill was sent to President Duterte for approval and was signed into
law as Republic Act No. 10963 on December 19, 2017. The law takes effect
this January 1, 2018 following its complete publication in the Official Gazette last
December 27, 2017.
• The President has issued a separate letter vetoing 5 provisions of the signed
TRAIN Law.
• The law is just the first tax reform package. The second package (reduction of
corporate income tax and rationalization of fiscal incentives) is estimated to be
released by early 2018.
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3. Key amendments
The amendments focus on:
• Individual Income Tax
• Final Income Tax
• Estate Tax
• Donor’s Tax
• Value Added Tax
• Excise Tax on:
– Automobiles
– Petroleum products
– Sweetened beverages
– Mineral products
– Cosmetic surgeries (non-essential services)
• Documentary Stamp Tax
• Some administrative provisions
• Penalties
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4. Power and authority of the
Commissioner

5. TRAIN
NIRC Provision
Provides for the authority of the
Commissioner to obtain
information from national and
local governments, government
agencies and instrumentalities
Power and authority of the Commissioner
Additional provision:
The Cooperative Development
Authority shall submit a report
on tax incentives availed by
cooperatives to the BIR and
DOF.
These information shall be
included in the Tax Incentives
Management and
Transparency Act (TIMTA)
database.
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NIRC
Section 5 (B)
Power of the
Commissioner to
obtain information, and
to summon, examine
and take testimony of
persons

6. TRAIN
NIRC Provision
The Commissioner has the
authority to determine fair
market value of real properties.
Power and authority of the Commissioner
In exercising this authority, the
following shall be observed:
1. Mandatory consultation with both
private and public competent
appraisers before division of the
Philippines into zones.
2. Prior notice to affected taxpayers
before the determination of fair
market values of the real
properties.
3. Publication or posting of
adjustments in zonal value in a
newspaper of general circulation
in the province, city or
municipality concerned.
4. The basis of valuation and
records of consultation shall be
public records open to the inquiry
of any taxpayer.
5. Zonal valuations shall be
automatically adjusted once
every three years.
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NIRC
Section 6
Power of the
Commissioner to make
assessments and
prescribe additional
requirements for tax
administration and
enforcement

7. Personal and/or Corporate
Income Tax

8. TRAIN
NIRC Provision
Taxable income of individuals
are subject to the following
graduated rates:
Personal Income Tax
The amendment provides for
revised personal income tax
brackets for 2018-2022:
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NIRC
Section 24
Income tax rates on
Individual Citizen and
Individual Resident
Alien of the Philippines TAX SCHEDULE
Not over
₱10,000
5%
Over ₱10,000
but not over
₱30,000
₱500 + 10% of the
excess over
₱10,000
Over ₱30,000
but not over
₱70,000
₱2,500 + 15% of
the excess over
₱30,000
Over ₱70,000
but not over
₱140,000
₱8,500 + 20% of
the excess over
₱70,000
Over ₱140,000
but not over
₱250,000
₱22,500 + 25% of
the excess over
₱140,000
TAX SCHEDULE EFFECTIVE
JANUARY 1, 2018 TO
DECEMBER 31, 2022
Not over
₱250,000
0%

9. TRAIN
NIRC Provision
Taxable income of individuals
are subject to the following
graduated rates:
Personal Income Tax
The amendment provides for
revised personal income tax
brackets for 2018-2022:
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NIRC
Section 24
Income tax rates on
Individual Citizen and
Individual Resident
Alien of the Philippines TAX SCHEDULE
Over ₱250,000
but not over
₱500,000
₱50,000 + 30% of
the excess over
₱250,000
Over ₱500,000 ₱125,000 + 32% of
the excess over
₱500,000
TAX SCHEDULE EFFECTIVE
JANUARY 1, 2018 TO
DECEMBER 31, 2022
Over ₱250,000
but not over
₱400,000
20% of the excess
over ₱250,000
Over ₱400,000
but not over
₱800,000
₱30,000 + 25% of
the excess over
₱400,000
Over ₱800,000
but not over
₱2M
₱130,000 + 30% of
the excess over
₱800,000
Over ₱2M but
not over ₱8M
₱490,000 + 32% of
the excess over ₱2M
Over ₱8M ₱2,410,000 + 35% of
the excess over ₱8M

10. TRAIN
NIRC Provision
Personal Income Tax
For 2023 onwards:
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NIRC
Section 24
Income tax rates on
Individual Citizen and
Individual Resident
Alien of the Philippines
TAX SCHEDULE EFFECTIVE
JANUARY 1, 2023 onwards
Not over
₱250,000
0%
Over ₱250,000
but not over
₱400,000
15% of the excess
over ₱250,000
Over ₱400,000
but not over
₱800,000
₱22,500 +
20% of the excess
over ₱400,000
Over ₱800,000
but not over
₱2,000,000
₱102,500 + 25% of
the excess over
₱800,000
Over ₱2M but
not over ₱8M
₱402,500 + 30% of
the excess over ₱2M
Over ₱8M ₱2,202,500 + 35% of
the excess over ₱8M

11. TRAIN
NIRC Provision
Personal Income Tax
Note that the BIR issued
through Revenue
Memorandum Circular No. 1-
2018 the revised withholding
tax on compensation table.
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NIRC
Section 24
Income tax rates on
Individual Citizen and
Individual Resident
Alien of the Philippines

12. TRAIN
NIRC Provision
Taxable income is subject to
the same graduated rates.
Personal Income Tax
For Purely Self-employed
and/or Professionals whose
gross sales/receipts and other
non-operating income do not
exceed the VAT threshold of
₱3M, the tax shall be, at the
taxpayer’s option, either:
1. 8% income tax on gross
sales or gross receipts in
excess of ₱250,000 in lieu
of the graduated income tax
rates and the percentage
tax; OR
2. Income tax based on the
graduated income tax rates
for individuals.
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NIRC
Section 24
Income tax of self-
employed and/or
professionals

13. TRAIN
NIRC Provision
Taxable income is subject to
the same graduated rates.
Personal Income Tax
For mixed income earners
(earning both compensation
income and income from
business or practice of
profession, their income taxes
shall be:
1. For income from
compensation –
Graduated income tax rates
for individuals, AND
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NIRC
Section 24
Income tax of mixed
income earners

14. TRAIN
NIRC Provision
Taxable income is subject to
the same graduated rates.
Personal Income Tax
2. For income from business
or practice of profession:
a. Gross sales/receipts
which do not exceed the
VAT threshold of ₱3M —
8% income tax on gross
sales/receipts and other
non-operating income
income OR graduated
income tax rates on
taxable income, at the
taxpayer’s option
b. Gross sales/receipts and
other non-operating
income which exceeds
the VAT threshold of ₱3M
— graduated income tax
rates for individuals.
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NIRC
Section 24
Income tax of mixed
income earners

15. TRAIN
NIRC Provision
Philippine Charity Sweepstakes
and Lotto winnings is exempt
from the 20% final tax.
Personal Income Tax
Philippine Charity Sweepstakes
and Lotto winnings in excess of
₱10,000 shall be subject to the
20% final tax.
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NIRC
Section 24 (B)(1)
Final tax on winnings

16. TRAIN
NIRC Provision
Interest income received by an
individual taxpayer (except a
non-resident individual) from a
depository bank under the
expanded foreign currency
deposit (EFCD) system is
subject to 7.5% final tax.
Personal Income Tax
The rate of final tax on interest
income received by resident
individual taxpayer under the
expanded foreign currency
deposit system increased from
7.5% to 15% final tax.
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NIRC
Section 24 (B)(1)
Final tax on interest on
foreign currency
deposit

17. TRAIN
NIRC Provision
The capital gains tax on net
capital gains realized from sale,
barter, or exchange or other
disposition of shares of stock in
a domestic corporation not
traded through the stock
exchange is:
Not over ₱100,000 – 5%
On any amount in excess of
₱100,000 – 10%
Personal Income Tax
The final tax rate for net capital
gains tax on the sale, barter,
exchange or other disposition
of shares of stock in a domestic
corporation not traded through
the stock exchange is
increased from the 5/10% CGT
to a flat rate of 15% CGT.
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NIRC
Section 24 (C)
Capital gains tax on
sale of shares not
traded through the
stock exchange

18. TRAIN
NIRC Provision
Alien individuals and qualified
Filipino employees employed by
1. Regional or area and
Regional Operating
headquarters of multinational
companies (RHQs and
ROHQs) [Subsection (C)]
2. Offshore banking units
(OBUs) [Subsection (D)]
3. Petroleum Service contractor
and subcontractor
[Subsection (E)]
are subject to a preferential tax
of 15% final withholding tax on
gross compensation income.
Personal Income Tax
Additional provision
[Subsection (F)]:
The 15% preferential tax rate
provided in Subsections (C), (D),
and (E) shall not be applicable to
RHQs, ROHQs, OBUs or
Petroleum service contractor and
subcontractor registering with the
SEC after January 1, 2018.
But existing RHQs, ROHQs,
OBUs or Petroleum service
contractor and subcontractor
shall continuously be entitled to
avail of the preferential tax
treatment for their present and
future qualified employees.
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NIRC
Section 25 (C), (D), (E)
Preferential tax rate for
individuals employed
by RHQ, ROHQ, OBU
and Petroleum
Contractors and
subcontractors

19. TRAIN
NIRC Provision
Personal Income Tax
Presidential Veto:
The President vetoed this line item
under Subsection (F):
“But existing RHQs, ROHQs, OBUs
or Petroleum service contractor and
subcontractor shall continuously be
entitled to avail of the preferential tax
treatment for their present and future
qualified employees.”
for being violative of equal protection.
The President stated in his letter that
“[g]iven the significant reduction in
the personal income tax, the
employees of these firms should
follow the regular tax rates applicable
to other individual taxpayers.”
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NIRC
Section 25 (C), (D), (E)
Preferential tax rate for
individuals employed
by RHQ, ROHQ, OBU
and Petroleum
Contractors and
subcontractors

20. TRAIN
NIRC Provision
Means the pertinent items of
gross income specified in this
Code, less the deductions
and/or personal and additional
exemptions, if any, authorized
for such types of income by this
Code or other special laws
Personal Income Tax
The phrase “and/or personal
and additional exemptions” is
removed in the definition.
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NIRC
Section 31
Definition of Taxable
Income

21. TRAIN
NIRC Provision
Individual taxpayers are
entitled to:
Basic Personal Exemption —
₱50,000
and
Additional Exemption —
₱25,000 per qualified
dependent child.
Personal Income Tax
The Basic Personal and
Additional Exemptions of
individual taxpayers are
removed.
The related provision on
furnishing of exemption
certificate is likewise removed.
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NIRC
Section 35
Personal Exemptions

22. TRAIN
NIRC Provision
The amount of tax-exempt 13th
month pay and other benefits is
₱82,000.
Personal Income Tax
The amount of tax-exempt 13th
month pay and other benefits is
increased to ₱90,000.
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NIRC
Section 32 (B)
Tax exempt 13th month
pay

23. TRAIN
NIRC Provision
• Fringe benefits given to non-
rank and file employees are
subject to 32% final tax.
• The grossed up monetary
value of the fringe benefit
given to non-rank and file
employees shall be
determined by dividing the
actual monetary value by
68%.
Personal Income Tax
• The Fringe Benefits Tax is
increased to 35% effective
January 1, 2018.
• The grossed up monetary
value of the fringe benefit
given to non-rank and file
employees shall be
determined by dividing the
actual monetary value by
65%.
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NIRC
Section 33 (A)
Tax on fringe benefits
given to non-rank and
file employees

24. TRAIN
NIRC Provision
The allowable deduction for
premium payments on health
and/or hospitalization
insurance of an individual
taxpayer is ₱2400 per year or
₱200 per month, subject to a
gross family income threshold
of ₱250,000.
Personal Income Tax
Allowable deduction for
premium payments on health
and/or hospitalization
insurance of an individual
taxpayer is removed.
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NIRC
Section 34 (M)
Allowable deduction for
premium payments on
health and/or
hospitalization
insurance

25. TRAIN
NIRC Provision
An individual whose gross
income does not exceed his
total personal and additional
exemptions for dependents are
not required to file income tax
return (ITR).
Personal Income Tax
Individual taxpayers whose
taxable income is subject to
zero percent under the new
graduated tax table (i.e., does
not exceed ₱250,000) shall not
be required to file an income
tax return.
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NIRC
Section 51
Filing of individual
income tax return

26. TRAIN
NIRC Provision
Personal Income Tax
Additional provision:
The ITR shall consist of a
maximum of four (4) pages in
paper OR electronic form. It shall
only contain the following
information:
• Personal profile and
information
• Gross sales receipts or income
from compensation, from
business, or from exercise of
profession (except income
subject to final tax)
• Allowable deductions
• Taxable income
• Income tax due and payable
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NIRC

27. TRAIN
NIRC Provision
No provision.
Personal Income Tax
Substituted filing of ITRs is
available for:
• Individual taxpayers
• Receiving purely
compensation income,
regardless of amount
• From only one employer in the
Philippines for the calendar
year
• The income tax of which has
been correctly withheld by the
employer (i.e. tax due = tax
withheld)
The Certificate of Withholding
filed by the employers duly
stamped “received” by the BIR
shall be the substituted filing by
such employers.
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NIRC
Section 51-A
Substituted Filing of
Income tax returns by
employees receiving
purely compensation
income from only one
employer in the
Philippines

28. TRAIN
NIRC Provision
When tax due exceeds ₱2,000,
the taxpayer (other than a
corporation) may elect to pay
the tax in two equal
installments. Payment of
installments:
• First installment — time of
filing of return
• Second installment — on or
before July 15 following the
close of the calendar year.
Personal Income Tax
The new deadline of payment
of second installment is
October 15 following the close
of the calendar year.
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NIRC
Section 56 (A)(2)
Installment Payment of
tax due for individuals
and corporations

29. TRAIN
NIRC Provision
There is an allowed personal
exemption of ₱50,000 from the
income of the estate or trust.
Personal Income Tax
The exemption for estates and
trusts is removed.
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NIRC
Section 62
Exemption for estates
and trusts

30. TRAIN
NIRC Provision
Every individual subject to
income tax 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.
The amount of estimated income
with respect to which a
declaration is required shall be
paid in four (4) installments:
• First – at time of declaration
• Second – August 15
• Third – November 15
• Fourth – on or before April 15
of the following calendar year
when the final adjusted income
tax return is due to be filed.
Personal Income Tax
The deadline for filing of
declaration estimated income
for the current taxable year is
on or before May 15 of the
same taxable year.
The payment of the four
installments shall be:
• First – May 15
• Second – August 15
• Third – November 15
• Fourth – on or before May 15
of the following calendar year
when the final adjusted
income tax return is due to
be filed.
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NIRC
Section 74
Declaration of Income
tax for individuals

31. TRAIN
NIRC Provision
Individual taxpayers (except
non-resident alien) and
corporations may elect a
standard deduction not
exceeding 40% of gross
sales/receipts or of gross
income, as the case may be, in
lieu of itemized allowable
deductions.
Personal and Corporate Income Tax
For GPPs and the partners
comprising them, OSD may be
availed only once, i.e., either by
the GPP itself or by the
partners comprising the GPP.
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NIRC
Section 34 (L)
Optional Standard
Deduction

32. TRAIN
NIRC Provision
The rate of withholding tax on
items of income payable by
payor-corporations/persons
shall be not less than one
percent (1%) but not more than
thirty-two percent (32%).
The tax withheld shall be
credited against the income tax
liability of the taxpayer.
Personal and Corporate Income Tax
Beginning January 1, 2019, the
rate of withholding tax shall be
not less than one percent (1%)
but not more than fifteen
percent (15%).
Revenue Memorandum
Circular No. 1-2018 provides
that the applicable EWT rate on
income payments to self-
employed individuals/
professionals is 8%.
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NIRC
Section 57
Withholding of
creditable tax at source

33. TRAIN
NIRC Provision
The Philippine Charity
Sweepstakes Office (PCSO) is
among the list of GOCCs,
agencies, or instrumentalities
that are exempt from payment
of corporate income tax.
Corporate Income Tax
PCSO is not anymore exempt
from payment of corporate
income tax.
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NIRC
Section 27 (C)
Exemption
Government-owned or
-Controlled
Corporations, Agencies
or Instrumentalities

34. TRAIN
NIRC Provision
Interest income received by a
domestic corporation from a
depository bank under the
expanded foreign currency
deposit (EFCD) system is
subject to 7.5% final tax.
Corporate Income Tax
The rate of final tax on interest
income received by domestic
corporation under the
expanded foreign currency
deposit system increased from
7.5% to 15% final tax.
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NIRC
Section 27 (D)(1)
Final Tax on interest on
foreign currency
deposit

35. TRAIN
NIRC Provision
The capital gains tax on net
capital gains realized from sale,
barter, or exchange or other
disposition of shares of stock in
a domestic corporation not
traded through the stock
exchange is:
Not over ₱100,000 – 5%
On any amount in excess of
₱100,000 – 10%
Corporate Income Tax
The final tax rate for net capital
gains tax on the sale, barter,
exchange or other disposition
of shares of stock in a domestic
corporation not traded through
the stock exchange is
increased from the 5/10% CGT
to a flat rate of 15% CGT.
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NIRC
Section 27 (D)(2)
Capital gains tax on
sale of shares not
traded through the
stock exchange

36. TRAIN
NIRC Provision
Every corporation subject to
tax, except foreign corporations
not engaged in trade or
business in the Philippines,
shall render in duplicate, a true
and accurate
• quarterly income tax
return; AND
• Final or adjustment return.
Corporate Income Tax
Additional provision:
The ITR shall consist a
maximum of four (4) pages in
paper OR electronic form.
It shall also only contain the
information as required in ITRs
of individual taxpayers.
These requirements shall not
affect the implementation of
TIMTA.
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NIRC
Section 52
Filing of corporate
income tax return

37. TRAIN
NIRC Provision
The return for FWT and the
return for creditable withholding
taxes (EWT returns) shall be
filed within ten (10) days after
the end of each month [Sec.
2.58 of RR No. 2-98)]
Final Withholding Tax and Expanded Withholding
Tax Returns
FWT and EWT returns shall be
filed and the payment made not
later than the last day of the
month following the close of
the quarter during which the
withholding was made.
The provision that the
Commissioner may require the
payment of the taxes withheld
at more frequent intervals is
removed.
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NIRC
Section 58
Return and payments
of taxes withheld at
source

38. Estate Tax

39. TRAIN
NIRC Provision
The estate tax rate is based on
a graduated schedule.
Estate Tax
The estate tax rate is fixed at
6% based on the value of the
net estate.
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NIRC
Section 84
Rates of estate tax
NET ESTATE TAX
Not over ₱200,000 Exempt
Over ₱200,000
but not over
₱500,000
5% of the excess
over ₱200,000
Over ₱500,000
but not over ₱2M
₱15,000 + 8% of
the excess over
₱500,000
Over ₱2M but not
over ₱5M
₱135,000 + 11%
of the excess over
₱2M
Over ₱5M but not
over ₱10M
₱465,000 + 15%
of the excess over
₱5M
Over ₱10M ₱1,215,000 +
20% of the excess
over ₱10M

40. TRAIN
NIRC Provision
The value of the net estate of a
resident or citizen is
determined by deducting the
following from the gross estate:
1. Standard deduction of
₱1,000,000;
2. Expenses, losses,
indebtedness, and taxes
a. Funeral expenses
b. Judicial expenses
c. Claims against the
estate
d. Claims against insolvent
persons
e. Unpaid mortgages
Estate Tax
The following are the allowable
deductions from the gross
estate of a resident or citizen:
1. Standard deduction of
₱5,000,000;
2. Claims against the estate;
3. Claims against insolvent
persons;
4. Unpaid mortgage or
indebtedness on property;
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NIRC
Section 86 (A)
Allowable deductions
from the gross estate
of a citizen or resident

41. TRAIN
NIRC Provision
5. Property previously taxed;
6. Transfers for public use;
7. Family home in the amount
of ₱1,000,000;
8. Medical expenses, not
exceeding ₱500,000
9. Amount received by heirs
under RA No. 4917
(Retirement benefits of
private firm employees)
Estate Tax
5. Property previously taxed;
6. Transfers for public use;
7. Family home, in the
increased amount of
₱10,000,000;
8. Amounts received by heirs
under RA No. 4917
(Retirement benefits of
private firm employees)
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NIRC
Section 86 (A)
Allowable deductions
from the gross estate
of a citizen or resident

42. TRAIN
NIRC Provision
The value of the net estate of a
non-resident is determined by
deducting the following from
the gross estate:
1. Expenses, losses,
indebtedness, and taxes in
proportion to the value of
the entire gross estate
situated in the Philippines;
2. Property previously taxed;
3. Transfers for public use
Estate Tax
For Non-residents:
1. Standard deduction in the
amount of ₱500,000
2. Value of
• Claims against the estate
• Claims against insolvent
person
• Unpaid mortgages
In proportion to the value of
the entire gross estate
situated in the Philippines
3. Property previously taxed
4. Transfer for public use
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NIRC
Section 86 (B)
Allowable deductions
from the gross estate
of a non-resident

43. TRAIN
NIRC Provision
No 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.
Estate Tax
Miscellaneous provision is
deleted.
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NIRC
Section 86 (D)
Miscellaneous
provision for non-
residents

44. TRAIN
NIRC Provision
Notice of decedent’s death
shall be filed by the executor,
administrator, or any of the
legal heirs within two months
after death or after qualifying
as such executor or
administrator:
• In all cases of transfers
subject to tax
• In cases where though
exempt from tax, the gross
value of the estate exceeds
₱20,000.
Estate Tax
Requirement for filing of notice
of death is removed.
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NIRC
Section 89
Notice of death

45. TRAIN
NIRC Provision
Estate tax returns showing a
gross value exceeding
₱2,000,000 shall be supported
with a statement duly certified
by a CPA.
Estate Tax
The threshold amount for the
requirement of attaching a
statement duly certified by a
CPA is increased to
₱5,000,000 (from ₱2,000,000).
CONFIDENTIAL
SL - 45
NIRC
Section 90
Attachment to Estate
Tax Return - CPA
certification

46. TRAIN
NIRC Provision
Estate tax returns shall be filed
within six (6) months from the
decedent’s death.
Estate Tax
The filing of estate tax returns
shall be within one (1) year
from the decedent’s death.
CONFIDENTIAL
SL - 46
NIRC
Section 90 (B)
Time of filing of estate
tax return

47. TRAIN
NIRC Provision
No provision
Estate Tax
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 of
payment, without civil
penalty and interest.
CONFIDENTIAL
SL - 47
NIRC
Section 91 (C)
Payment by installment
of estate tax [new]

48. TRAIN
NIRC Provision
If a bank has knowledge of the
death of a person, who
maintained a bank deposit
account alone, or jointly with
another, it shall not allow any
withdrawal from the said
deposit account unless the
Commissioner has certified that
the taxes imposed thereon
have been paid.
Estate Tax
If a bank has knowledge of the
death of a person, who
maintained a bank deposit
account alone, or jointly with
another, it shall allow any
withdrawal from the said
deposit account, subject to a
final withholding tax of (6%).
CONFIDENTIAL
SL - 48
NIRC
Section 97
Payment of tax
antecedent to the
transfer of shares,
bonds, or rights

49. Donor’s Tax

50. TRAIN
NIRC Provision
The donor’s tax for each
calendar year shall be
computed on the basis of the
total net gifts made during the
calendar year in accordance
with the graduated tax table.
Donor’s Tax
The donor’s tax is fixed at 6%
based on annual total gifts
exceeding ₱250,000 (exempt
gift), regardless of whether the
donee is a stranger or not.
CONFIDENTIAL
SL - 50
NIRC
Section 99
Rates of tax
NET GIFT TAX
Not over ₱100,000 Exempt
Over ₱100,000
but not over
₱200,000
2% of the excess
over ₱100,000
Over ₱200,000
but not over
₱500,000
₱2,000 + 4% of
the excess over
₱200,000
Over ₱500,000
but not over ₱1M
₱14,000 + 6% of
the excess over
₱500,000
NET GIFT TAX
Over ₱1M but not
over ₱3M
₱44,000 + 8% of
the excess over
₱1M
Over ₱3M but not
over ₱5M
₱204,000 + 10%
of the excess over
₱3M
Over ₱5M but not
over ₱10M
₱404,000 + 12%
of the excess over
₱5M
Over ₱10M ₱1,004,000 +
15% of the excess
over ₱10M

51. TRAIN
NIRC Provision
The donor’s tax shall be 30%
of the net gifts when the donee
or beneficiary is a stranger.
Donor’s Tax
The donor’s tax is fixed at 6%
based on annual total gifts
exceeding ₱250,000 (exempt
gift), regardless of whether the
donee is a stranger or not.
CONFIDENTIAL
SL - 51
NIRC
Section 99
Rates of tax

52. TRAIN
NIRC Provision
The amount by which the fair
market value of the property
transferred exceeded the value
of the consideration received
for such transfer, shall for
purpose of donor’s tax, be
deemed a gift, and included in
computing the amount of gifts
made during the year.
Donor’s Tax
Additional proviso:
Even if the sale, exchange, or
other transfer of property is for
an insufficient consideration,
the same will still be
considered made for
adequate and full
consideration provided that
such transfer is made in the
ordinary course of business,
i.e.:
• a bona fide transaction;
• at arm’s length; and
• free from donative intent.
CONFIDENTIAL
SL - 52
NIRC
Section 100
Transfer for less than
adequate consideration

53. TRAIN
NIRC Provision
Dowries or gifts made on
account of marriage by parents
to each of their legitimate,
recognized, natural, or adopted
children to the extent of the first
₱10,000 shall be exempt from
donor’s tax.
Donor’s Tax
The exemption of dowries (gifts
made on account of marriage)
is removed.
CONFIDENTIAL
SL - 53
NIRC
Section 101
Exemption of certain
gifts

54. Value-Added Tax

55. TRAIN
NIRC Provision
The following are entitled to
VAT zero-rating:
1. The sale and actual
shipment of goods from the
Philippines to a foreign
country, irrespective of any
shipping arrangement, and
paid for in acceptable
foreign currency or its
equivalent in goods or
services, and accounted for
in accordance with the rules
of the BSP;
Value-Added Tax
The following sales by VAT-
registered persons shall be
subject to zero percent 0%
rate:
1. The sale and actual
shipment of goods from the
Philippines to a foreign
country, irrespective of any
shipping arrangement, and
paid for in acceptable
foreign currency or its
equivalent in goods or
services, and accounted for
in accordance with the rules
of the BSP;
CONFIDENTIAL
SL - 55
NIRC
Section 106 (A)(2)
Zero-rated sale of
goods or properties

56. TRAIN
NIRC Provision
Value-Added Tax
2. Sale and delivery of goods
to:
• Registered enterprises
within a separate
customs territory
• Registered enterprises
within enterprise zones
(The above provision was
vetoed by President Duterte
because this go against the
principle of limiting the VAT
zero-rating to direct
exporters.)
CONFIDENTIAL
SL - 56
NIRC
Section 106 (A)(2)
Zero-rated sale of
goods or properties

57. TRAIN
NIRC Provision
2. Sale of raw materials or
packaging materials to a
nonresident buyer for
delivery to a resident local
export-oriented enterprise
to be used in
manufacturing, processing,
packaging or repackaging
and paid for in acceptable
foreign currency and
accounted for in
accordance with the rules
and regulations of the BSP;
Value-Added Tax
3. Sale of raw materials or
packaging materials to a
nonresident buyer for
delivery to a resident local
export-oriented enterprise
to be used in
manufacturing, processing,
packaging or repackaging
and paid for in acceptable
foreign currency and
accounted for in
accordance with the rules
and regulations of the BSP;
CONFIDENTIAL
SL - 57
NIRC
Section 106 (A)(2)
Zero-rated sale of
goods or properties

58. TRAIN
NIRC Provision
3. Sale of raw materials or
packaging materials to
export-oriented enterprise
whose export sales exceed
seventy percent (70%) of
total annual production;
4. Sale of gold to BSP;
Value-Added Tax
4. Sale of raw materials or
packaging materials to
export-oriented enterprise
whose export sales exceed
seventy percent (70%) of
total annual production;
CONFIDENTIAL
SL - 58
NIRC
Section 106 (A)(2)
Zero-rated sale of
goods or properties

59. TRAIN
NIRC Provision
5. Those considered export
sales under Executive
Order No. 226, otherwise
known as the Omnibus
Investment Code of 198,
and other special laws;
6. The sale of goods, supplies,
equipment and fuel to
persons engaged in
international shipping or
international air-transport
operations;
Value-Added Tax
5. Those considered export
sales under Executive
Order No. 226, otherwise
known as the Omnibus
Investment Code of 198,
and other special laws; and
6. The sale of goods, supplies,
equipment and fuel to
persons engaged in
international shipping or
international air-transport;
provided that the goods,
supplies, equipment and
fuel have been sold and
used for international
shipping and air-transport
operations;
CONFIDENTIAL
SL - 59
NIRC
Section 106 (A)(2)
Zero-rated sale of
goods or properties

60. TRAIN
NIRC Provision
Value-Added Tax
Additional provision:
Items 3, 4, and 5 shall be subject
to 12% VAT and no longer be
considered export sales subject
to 0% VAT upon the satisfaction
of the following conditions:
• There is a successful
establishment and
implementation of an
enhanced vat refund system
that grants refunds of
creditable input tax within 90
days from the filing of the vat
refund application with the
Bureau
• All pending VAT refund claims
as of December 31, 2017 shall
be fully paid in cash by
December 31, 2019.
CONFIDENTIAL
SL - 60
NIRC
Section 106 (A)(2)
Zero-rated sale of
goods or properties

61. TRAIN
NIRC Provision
Value-Added Tax
Deleted provision:
The following shall no longer
be subject to 0% VAT:
1. Sale of gold to BSP
2. Foreign-currency
denominated sales
CONFIDENTIAL
SL - 61
NIRC
Section 106 (A)(2)
Zero-rated sale of
goods or properties

62. TRAIN
NIRC Provision
Sale or exchange of services
include “sales of electricity by
generation companies,
transmission, and distribution
companies”.
Value-Added Tax
Sale or exchange of services
include “sales of electricity by
generation companies,
transmission by any entity,
and distribution companies,
including electric
Cooperatives.
CONFIDENTIAL
SL - 62
NIRC
Section 108 (A)
Definition of sale or
exchange of services

63. TRAIN
NIRC Provision
The following are entitled to
VAT zero-rating:
1. Processing, manufacturing
or repacking goods for other
persons doing business
outside the Philippines
which goods are
subsequently exported,
where the services are paid
for in acceptable foreign
currency and accounted for
in accordance with the rules
and regulations of the
Bangko Sentral ng Pilipinas
(BSP);
Value-Added Tax
The following are entitled to
VAT zero-rating:
1. Processing, manufacturing
or repacking goods for other
persons doing business
outside the Philippines
which goods are
subsequently exported,
where the services are paid
for in acceptable foreign
currency and accounted for
in accordance with the rules
and regulations of the
Bangko Sentral ng Pilipinas
(BSP);
CONFIDENTIAL
SL - 63
NIRC
Section 108 (B)
Zero-rated sale of
services

64. TRAIN
NIRC Provision
2. Services other than those
mentioned in the preceding
paragraph rendered to a
person engaged in business
conducted outside the
Philippines or to a nonresident
person not engaged in
business who is outside the
Philippines when the services
are performed, the
consideration for which is paid
for in acceptable foreign
currency and accounted for in
accordance with the rules and
regulations of the Bangko
Sentral ng Pilipinas (BSP);
Value-Added Tax
2. Services other than those
mentioned in the preceding
paragraph rendered to a
person engaged in business
conducted outside the
Philippines or to a nonresident
person not engaged in
business who is outside the
Philippines when the services
are performed, the
consideration for which is paid
for in acceptable foreign
currency and accounted for in
accordance with the rules and
regulations of the Bangko
Sentral ng Pilipinas (BSP);
CONFIDENTIAL
SL - 64
NIRC
Section 108 (B)
Zero-rated sale of
services

65. TRAIN
NIRC Provision
3. Services rendered to persons
or entities whose exemption
under special laws or
international agreements to
which the Philippines is a
signatory effectively subjects
the supply of such services to
zero percent (0%) rate;
4. Services rendered to persons
engaged in international
shipping or international air
transport operations, including
leases of property for use
thereof;
Value-Added Tax
3. Services rendered to persons
or entities whose exemption
under special laws or
international agreements to
which the Philippines is a
signatory effectively subjects
the supply of such services to
zero percent (0%) rate;
4. Services rendered to persons
engaged in international
shipping or international air
transport operations, including
leases of property for use
thereof; provided, that these
services shall be exclusively for
international shipping or air
transport operations;
CONFIDENTIAL
SL - 65
NIRC
Section 108 (B)
Zero-rated sale of
services

66. TRAIN
NIRC Provision
5. Services performed by
subcontractors and/or
contractors in processing,
converting, or
manufacturing goods for an
enterprise whose export
sales exceed seventy
percent (70%) of total
annual production are no
longer entitled to VAT zero-
rating.
Value-Added Tax
5. Services performed by
subcontractors and/or
contractors in processing,
converting, or
manufacturing goods for an
enterprise whose export
sales exceed seventy
percent (70%) of total
annual production are no
longer entitled to VAT zero-
rating.
CONFIDENTIAL
SL - 66
NIRC
Section 108 (B)
Zero-rated sale of
services

67. TRAIN
NIRC Provision
6. Transport of passengers
and cargo by domestic air
or sea vessels from the
Philippines to a foreign
country;
7. Sale of power or fuel
generated through
renewable sourced of
energy such as but not
limited to biomass, solar,
wind, hydropower,
geothermal, ocean energy,
and other emerging energy
sources using technologies
such as fuel cells and
hydrogen fuels
Value-Added Tax
6. Transport of passengers
and cargo by domestic air
or sea vessels from the
Philippines to a foreign
country;
7. Sale of power or fuel
generated through
renewable sourced of
energy such as but not
limited to biomass, solar,
wind, hydropower,
geothermal, ocean energy,
and other emerging energy
sources using technologies
such as fuel cells and
hydrogen fuels
CONFIDENTIAL
SL - 67
NIRC
Section 108 (B)
Zero-rated sale of
services

68. TRAIN
NIRC Provision
Value-Added Tax
8. Services rendered to:
• Registered enterprises
within a separate customs
territory
• Registered enterprises
within tourism enterprise
zones
(Above provision was vetoed
by President Duterte)
CONFIDENTIAL
SL - 68
NIRC
Section 108 (B)
Zero-rated sale of
services

69. TRAIN
NIRC Provision
Value-Added Tax
Additional provision:
Items 1 and 5 shall be subject to
12% VAT and no longer be
considered export sales subject
to 0% VAT upon the satisfaction
of the following conditions:
• There is a successful
establishment and
implementation of an
enhanced vat refund system
that grants refunds of
creditable input tax within 90
days from the filing of the vat
refund application with the
Bureau
• All pending VAT refund claims
as of December 31, 2017 shall
be fully paid in cash by
December 31, 2019.
CONFIDENTIAL
SL - 69
NIRC
Section 108 (B)
Zero-rated sale of
services

70. TRAIN
NIRC Provision
Value-Added Tax
Additional provision:
The Department of Finance shall
establish a VAT Refund Center in
the BIR and BOC that will handle
the processing and granting of
cash refunds or creditable input
tax.
5% of the total VAT collection of the
BIR and BOC from the immediately
preceding year shall be
• automatically appropriated
annually
• treated as a special account in
the General Fund or as trust
receipts
to fund claims for VAT refund.
CONFIDENTIAL
SL - 70
NIRC
Section 108
Zero-rated sale of
goods or properties
and zero-rated sale of
services

71. TRAIN
NIRC Provision
Value-Added Tax
Additional provision:
The BIR and BOC shall submit to
the Congressional Oversight
Committee on the Comprehensive
Tax Reform Program a quarterly
report of all pending claims for
refund and unused fund.
CONFIDENTIAL
SL - 71
NIRC
Section 108
Zero-rated sale of
goods or properties
and zero-rated sale of
services

72. TRAIN
NIRC Provision
Sale of real properties not primarily
held for sale to customers or held
for lease in the ordinary course of
trade or business or real property
utilized for low-cost and socialized
housing, residential lot valued at
₱1,919,500 and below; house and
lot, and other residential dwellings
valued at ₱3,199,200 and below.
Value-Added Tax
Sale of real properties not primarily
held for sale to customers or held for
lease in the ordinary course of trade
or business or real property utilized
for low-cost and socialized housing,
residential lot valued at ₱1,500,000
and below; house and lot, and other
residential dwellings valued at
₱2,500,000 and below.
Beginning January 1, 2021:
• the VAT exemption shall not
anymore apply to
– Sale of Low-cost housing
– Sale of residential lot
• The threshold selling price amount
for sale of house and lot, and other
residential dwellings shall be
₱2,000,000
CONFIDENTIAL
SL - 72
NIRC
Section 109
VAT-exempt
transactions

73. TRAIN
NIRC Provision
(Q) Lease of a residential unit
with a monthly rental not
exceeding ₱12,800
(U) Importation of fuel, goods
and supplies by persons
engaged in international
shipping or air transport
operations.
Value-Added Tax
(Q) Lease of residential unit
with monthly rental not
exceeding ₱15,000.
(U) Additional proviso:
xxx Provided, That the fuel,
goods, and supplies shall be
used for international shipping
or air transport operations;
CONFIDENTIAL
SL - 73
NIRC
Section 109
VAT-exempt
transactions

74. TRAIN
NIRC Provision
Value-Added Tax
Additional exempt transactions:
(W) Sale or lease of goods and
services to senior citizens and
persons with disabilities;
(X) Transfer of property pursuant
to Section 40 (C)(2) of the NIRC,
as amended;
(Y) Association dues,
membership fees, and other
assessments and charges
collected by homeowners
associations and condominium
corporations;
CONFIDENTIAL
SL - 74
NIRC
Section 109
VAT-exempt
transactions

75. TRAIN
NIRC Provision
(W) Sale or lease of goods or
properties or the performance of
sevices other than the
transactions specifically
mentioned as VAT-exempt, the
gross annual sales and/or
receipts do not exceed the
amount of ₱1,919,500 (as
amended).
Value-Added Tax
(Z) Sale of gold to the BSP
(AA) Sale of drugs and
medicines prescribed for
diabetes, high cholesterol, and
hypertension beginning January
1, 2019
Now (BB) Sale or lease of goods
or properties or the performance
of services other than the
transactions mentioned in the
preceding paragraphs, the gross
annual sales and/or receipts do
not exceed the amount of
₱3,000,000
CONFIDENTIAL
SL - 75
NIRC
Section 109
VAT-exempt
transactions

76. TRAIN
NIRC Provision
The input tax on the purchase
of capital goods with a cost
exceeding ₱1,000,000 shall be
amortized based on its useful
life or 60 months, whichever is
shorter.
Value-Added Tax
Amortization of input VAT shall
only be allowed until December
31, 2021.
After such date, taxpayers with
unutilized input vat on capital
goods purchased or imported
shall be allowed to apply the
same as scheduled until fully
utilized.
CONFIDENTIAL
SL - 76
NIRC
Section 110 (A)(2)(b)
Amortization of input
VAT from purchases of
capital goods

77. TRAIN
NIRC Provision
The Commissioner shall grant a
refund or issue a tax credit
certificate for creditable input
taxes within 120 days from the
date of submission of complete
documents.
Value-Added Tax
• The period of granting by the
Commissioner of refunds is
decreased to 90 days (from
120 days) from the date of
submission of complete
documents in support of the
application.
• The granting of tax credit
instead of refund is removed.
Additional proviso:
Should the Commissioner find
that the grant of refund is not
proper, the Commissioner must
state in writing the legal and
factual basis for the denial.
CONFIDENTIAL
SL - 77
NIRC
Section 112
Refunds or tax credits of
input VAT

78. TRAIN
NIRC Provision
Failure on the part of the
Commissioner to act on the
application within the period
prescribed shall be deemed a
denial of the application.
Value-Added Tax
The deemed denial of failure to
act on the application is
removed.
Additional proviso:
Failure on the part of any
official, agent, or employee of
the BIR to act on the
application within the ninety
(90)-day period shall be
punishable under Section 269
of the Tax Code (administrative
fine and imprisonment).
CONFIDENTIAL
SL - 78
NIRC
Section 112
Refunds or tax credits of
input VAT

79. TRAIN
NIRC Provision
VAT taxpayers shall file
quarterly returns within 25 days
following the close of each
taxable quarter, while payment
of the VAT shall be made on a
monthly basis upon filing of
monthly VAT declaratin.
Value-Added Tax
Beginning January 1, 2023, the
filing and payment shall be
done within 25 days following
the close of each taxable
quarter.
CONFIDENTIAL
SL - 79
NIRC
Section 114 (A)
Return and payment of
VAT

80. Other Percentage Taxes

81. TRAIN
NIRC Provision
Cooperatives are exempt from
the 3% gross receipts tax.
Other Percentage Taxes
Additional exemption:
Beginning January 1, 2019,
self-employed and
professionals with total annual
gross sales and/or gross
receipts not exceeding
₱500,000 shall be exempt from
the 3% gross receipts tax.
(The above provision was
vetoed by President Duterte
because the proposed
exemption will result in
unnecessary erosion of
revenues and would lead to
abuse and leakages.)
CONFIDENTIAL
SL - 81
NIRC
Section 116
3% gross receipts tax
of persons exempt
from the VAT

82. TRAIN
NIRC Provision
Sale, barter or exchange of
shares of stock listed and
traded through the local stock
exchange shall be subject to a
tax of ½ of 1% of the gross
selling price or gross value in
money of the shares of stock
sold, bartered, exchanged or
otherwise disposed.
Other Percentage Taxes
The rate of the stock
transaction tax is increased to
6/10 of 1%.
CONFIDENTIAL
SL - 82
NIRC
Section 127
Stock transaction tax

83. Excise Taxes

84. TRAIN
NIRC Provision
Excise taxes apply to goods
manufactured or produced in
the Philippines for domestic
sales or consumption or for any
other disposition and to things
imported.
Excise Taxes
Excise tax shall also be
imposed to services performed
in the Philippines.
CONFIDENTIAL
SL - 84
NIRC
Section 129
Goods and services
subject to excise taxes

85. TRAIN
NIRC Provision
Excise Taxes
CONFIDENTIAL
SL - 85
Section 145 (B) and
(C)
Excise tax on
cigarettes packed by
hand and by machine
The rates of excise tax shall be increased by 4% every year
effective January 1, 2024, through revenue regulations issued by
the Secretary of Finance.
Duly registered cigarettes packed by hand shall only be packed
in 20s [previously allowed in 30s] and other packaging
combinations of not more than 20.
Effective Tax
Jan 1, 2018 – Jun 30, 2018 ₱32.50 per pack
Jul 1, 2018 – Dec 31, 2019 ₱35.00 per pack
Jan 1, 2020 – Dec 31, 2021 ₱37.50 per pack
Jan 1, 2022 – Dec 31, 2023 ₱40.00 per pack

86. NIRC Provision
Excise Taxes
CONFIDENTIAL
SL - 86
Section 148
Excise tax on
petroleum products
Manufactured Oils
and Other Fuels
NIRC
Effective
1-Jan-2018 1-Jan-2019 1-Jan-2020
Lubricating oils and
greases (per liter)
₱ 4.50 ₱ 8.00 ₱ 9.00 ₱ 10.00
Processed gas (per
liter)
0.05 8.00 9.00 10.00
Waxes and petroleum
(per kg)
3.50 8.00 9.00 10.00
Denatured alcohol
(per liter)
0.05 8.00 9.00 10.00
Naphtha, regular
gasoline, pyrolysis
gasoline and other
similar products of
distillation (per liter)*
4.35 7.00 9.00 10.00
*Provided that the production of petroleum products, whether or not classified as
products of distillation and use solely for production of gasoline shall be exempt from
excise tax.
TRAIN
NIRC

87. NIRC Provision
Excise Taxes
CONFIDENTIAL
SL - 87
Section 148
Excise tax on
petroleum products
Manufactured Oils
and Other Fuels
NIRC
Effective
1-Jan-2018 1-Jan-2019 1-Jan-2020
Leaded premium
gasoline (per liter)
₱ 5.35 No provision No provision No provision
Unleaded premium
gasoline (per liter)
4.35 ₱ 7.00 ₱ 9.00 ₱ 10.00
Aviation turbo jet fuel
(per liter)
3.67 4.00 4.00 4.00
Kerosene (per liter) 0.00 3.00 4.00 5.00
Diesel fuel oil (per
liter)
0.00 2.50 4.50 6.00
Liquefied Petroleum
Gas (per liter)
0.00 1.00 2.00 3.00
Asphalt (per kg) 0.56 8.00 9.00 10.00
Bunker fuel oil (per
liter)
0.00 2.50 4.50 6.00
Petroleum coke (per
metric ton)*
No provision 2.50 4.50 6.00
*Provided, however, that, petroleum coke, when used as feedstock to any power
generating facility, per metric ton, is ₱0.00
TRAIN
NIRC

88. TRAIN
NIRC Provision
Excise Taxes
CONFIDENTIAL
SL - 88
Section 148
Excise tax on
petroleum products
Additional proviso:
Naphtha and pyrolisis gasoline will also be subject to zero excise tax
when used in the refining of petroleum products.
The production of petroleum products, whether or not they are classified
as products of distillation and for use solely for the production of gasoline
shall be exempt from excise Tax.
Liquefied petroleum gas when used as raw material in the production of
petrochemical products, subject to the rules and regulations to be
promulgated by the Secretary of Finance, shall be taxed zero per
kilogram.
The excise taxes paid on the purchased basestock (bunker) used in the
manufacture of excisable articles and forming part thereof shall be
credited against the excise tax due therefrom.
Petroleum coke is now subject to excise tax. But, when used as
feedstock to any power generating facility, it shall be taxed at zero per
metric ton.

89. TRAIN
NIRC Provision
Excise Taxes
CONFIDENTIAL
SL - 89
Section 148
Excise tax on
petroleum products
Additional proviso:
Zero excise tax for Petroleum products, including naphtha, LPG,
petroleum coke, refinery fuel and other products of distillation,
when used as input, feedstock or as raw material
• in the manufacturing of petrochemical products, or
• in the refining of petroleum products,
or as replacement fuel for natural-gas-fired-combined cycle power
plant
(The above provision was vetoed by President Duterte
because of the risk of being too general which may be
subject to abuse by taxpayers.)

90. TRAIN
NIRC Provision
No provision
Excise Taxes
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.
CONFIDENTIAL
SL - 90
NIRC
Section 148-A
Marking of petroleum
products [new]

91. TRAIN
NIRC Provision
No provision
Excise Taxes
Absence of official or dilution of
the official marker on petroleum
products shall raise the
presumption that the products
were withdrawn with the
intention to evade the payment
of the taxes and duties thereon.
The use of fraudulent marker
on the petroleum products shall
be considered prima facie
evidence that the same have
been withdrawn or imported
without the payment of taxes
and duties due thereon.
CONFIDENTIAL
SL - 91
NIRC
Section 148-A
Marking of petroleum
products [new]

92. TRAIN
NIRC Provision
Excise Taxes
Effective January 1, 2018:
CONFIDENTIAL
SL - 92
NIRC
Section 149
Excise tax on
automobiles
Hybrid vehicles shall be
subject to 50% of the
applicable taxes.
Purely electric vehicles and
pickups shall be exempt from
excise tax on automobiles.
Over/Up to
Excise Tax
Rate
Up to 600,000 4%
Over 600,000
Up to 1,000,000
10%
Over 1,000,000
Up to 4,000,000
20%
Over 4,000,000 50%
Over/Up to
Excise Tax
Rate
Up to 600,000 2%
Over 600,000
Up to 1,100,000
12,000 + 20%
of value in
excess of
600,000
Over 1,100,000
Up to 2,100,000
112,000 + 40%
of value in
excess of
1,100,000
Over 2,100,000 512,000 + 60%
of value in
excess of
2,100,000

93. TRAIN
NIRC Provision
Excise Taxes
Hybrid electric vehicle — a
motor vehicle powered by
electric energy, with or without
provision for off-vehicle
charging, in combination with
gasoline, diesel, or any other
motive power, and one that
must be able to propel itself
from a stationary condition
using solely electric motor.
CONFIDENTIAL
SL - 93
NIRC
Section 149
Excise tax on
automobiles

94. TRAIN
NIRC Provision
No provision
Excise Taxes
Invasive cosmetic procedures,
surgeries, and body enhancements
for aesthetic reasons shall be
subject to 5% excise tax based on
the gross receipts derived from
the performance of services, net of
excise tax and VAT.
Body enhancements shall refer to
those:
• Directed solely towards
improving, altering or enhancing
a patient’s appearance,
• That do not meaningfully
promote the function of the body
or prevent or treat illness or
disease.
CONFIDENTIAL
SL - 94
NIRC
Section 150-A
On non-essential
services [new]

95. TRAIN
NIRC Provision
Excise Taxes
The tax shall not apply to nor
cover:
1. Procedures necessary to
ameliorate a deformity arising
from, or directly related to:
• a congenital or
developmental defect or
abnormality
• a personal injury resulting
from an accident or
trauma
• a disfiguring disease,
tumor, virus or infection
2. Cases or treatments covered
by the National Health
Insurance Program
CONFIDENTIAL
SL - 95
NIRC
Section 150-A
On non-essential
services [new]

96. TRAIN
NIRC Provision
No provision
Excise Taxes
Effective January 1, 2018:
CONFIDENTIAL
SL - 96
NIRC
Section 150-B
On sweetened
beverages [new] Basis
Tax (Per Liter
of Volume
Capacity)
Sweetened
beverages using
• purely caloric
sweeteners and
• purely non-caloric
sweeteners, or
• a mix of caloric
and non-caloric
sweeteners
₱ 6.00
Sweetened
beverages using
purely high fructose
corn syrup or in
combination with any
caloric or non-caloric
sweetener
₱ 12.00

97. TRAIN
NIRC Provision
No provision
Excise Taxes
The rate of ₱6.00 shall not
apply to sweetened beverages
using high fructose corn
syrup
Exempt: Sweetened
beverages using
1. purely coconut sap sugar
2. purely steviol glycosides
CONFIDENTIAL
SL - 97
NIRC
Section 150-B
On sweetened
beverages [new]

98. TRAIN
NIRC Provision
No provision
Excise Taxes
Sweetened beverages – non-
alcoholic beverages of any
constitution (liquid, powder, or
concentrates) pre-packaged
and sealed according to FDA
standards, containing caloric
and/or non-caloric sweeteners
added by the manufacturers.
CONFIDENTIAL
SL - 98
NIRC
Section 150-B
On sweetened
beverages [new]

99. TRAIN
NIRC Provision
No provision
Excise Taxes
List of sweetened beverages
(not exclusive):
1. Sweetened juice drinks
2. Sweetened tea
3. All carbonated beverages
4. Flavored water
5. Energy and sports drink
6. Other powdered drinks not
classified as milk, juice, tea,
and coffee
7. Cereal and grain beverages
8. Other non-alcoholic
beverages that contain
added sugar
CONFIDENTIAL
SL - 99
NIRC
Section 150-B
On sweetened
beverages [new]

100. TRAIN
NIRC Provision
No provision
Excise Taxes
Excluded products:
1. All milk products, including
plain milk, infant formula milk,
follow-on milk, and growing up
milk, powdered milk, ready to
drink milk and flavored milk,
fermented milk, soymilk, and
flavored soymilk
2. 100% natural fruit juices
3. 100% natural vegetable juices
4. Meal replacement and
medically indicated beverages
5. Ground coffee, instant soluble
coffee, and pre-packaged
powdered coffee products (with
or without added sugar)
CONFIDENTIAL
SL - 100
NIRC
Section 150-B
On sweetened
beverages [new]

101. TRAIN
NIRC Provision
No provision
Excise Taxes
Penalties and fines for
misrepresentation or
misdeclaration in the required
Manufacturer’s or Producer’s
Sworn Statement
• summary cancellation or
withdrawal of the permit to
engage in business as
manufacturer or importer of
sweetened beverages
• For corporation, association,
or partnership: fine of triple the
amount of deficiency taxes,
surcharges, and interest
• Criminal liability
• For non-resident: immediate
deportation after serving
sentence
CONFIDENTIAL
SL - 101
NIRC
Section 150-B (D)(2)
Manufacturer’s or
Producer’s Sworn
Statement

102. TRAIN
NIRC Provision
Excise Taxes
CONFIDENTIAL
SL - 102
NIRC
Section 151
Excise tax on mineral
products
Mineral Products Tax
Coal and coke ₱10 per
metric ton
Nonmetallic mineral
and quarry
resources
2%
Copper and other
metallic minerals
2%
Gold and chromite 2%
Indigenous
petroleum
3%
Mineral Products Tax
Domestic and
imported Coal and
coke,
notwithstanding any
incentives granted
in any law or special
law
Per metric
ton:
2018 – ₱50
2019 – ₱100
2020 – ₱150
Nonmetallic mineral
and quarry
resources
4%
Copper and other
metallic minerals
4%
Gold and chromite 4%
Indigenous
petroleum
6%

103. TRAIN
NIRC Provision
Manufacturers of articles
subject to excise tax shall
provide themselves with
counting or metering devices to
determine as accurately as
possible the volume, quantity,
or number of the articles
produced, to be complied with
before commencement of
operations.
Excise Taxes
Importers are likewise
required to provide themselves
with such Bureau-accredited
counting or metering devices to
determine volume, quantity or
number of articles imported.
CONFIDENTIAL
SL - 103
NIRC
Section 155
Mandatory metering
devices

104. Documentary Stamp Tax

105. Documentary Stamp Tax
Documents subject to DST NIRC TRAIN
Section 174
Original issue of shares of
stock
₱1.00 on each ₱200.00 or
fractional part thereof of the
par value
₱2.00 on each ₱200.00 or
fractional part thereof of the
par value
Section 175
Sale or transfer of shares or
certificates of stock
₱0.75 on each ₱200 of
fractional part thereof of the
par value
For no par value stock: 25%
of the DST paid upon original
issue
₱1.50 on each ₱200 or
fractional part thereof of the
par value
For no par value stock: 50%
of the DST paid upon original
issue
Section 177
Certificates of Profits or
Interest in Property or
Accumulations
₱0.50 on each ₱200 or
fractional part thereof of the
face value of the certificate or
memorandum
₱1.00 on each ₱200 or
fractional part thereof of the
face value of the certificate or
memorandum

106. Documentary Stamp Tax
Documents subject to DST NIRC TRAIN
Section 178
Bank Checks, Drafts,
Certificates of Deposits not
bearing interest, and other
instruments
₱1.50 on every document ₱3.00 on every document
Section 179
All Debt Instruments
₱1.00 on each ₱200.00 or
fractional part thereof of the
issue price of debt instrument
₱1.50 on each ₱200.00 or
fractional part thereof of the
issue price of debt instrument
Section 180
All Bills of Exchange or Drafts
₱0.30 on each ₱200 or
fractional part thereof of the
face value
₱0.60 on each ₱200 or
fractional part thereof of the
face value
Section 181
Acceptance of bills of
exchange and others
₱0.30 on each ₱200 or
fractional part thereof of the
face value
₱0.60 on each ₱200 or
fractional part thereof of the
face value

107. Documentary Stamp Tax
Documents subject to DST NIRC TRAIN
Section 182
Foreign bills of exchange and
letters of credit
₱0.30 on each ₱200 or
fractional part thereof of the
face value
₱0.60 on each ₱200 or
fractional part thereof of the
face value
Section 183
Life Insurance Policies
Not over ₱100,000 Exempt Exempt
Over ₱100,000 but not over
₱300,000
₱10.00 ₱20.00
Over ₱300,000 but not over
₱500,000
₱25.00 ₱50.00
Over ₱500,000 but not over
₱750,000
₱50.00 ₱100.00
Over ₱750,000 but not over
₱1,000,000
₱75.00 ₱150.00
Over ₱1,000,000 ₱100.00 ₱200.00

108. Documentary Stamp Tax
Documents subject to DST NIRC TRAIN
Section 186
Policies of Annuities and Pre-
need plans
For policies of annuities –
₱0.50 on each ₱200 or a
fractional part thereof of the
premium or installment
payment on contract price
collected
For pre-need plans – ₱0.20
on each ₱200 or fractional
part thereof of the premium or
contribution collected
For policies of annuities –
₱1.00 on each ₱200 or a
fractional part thereof of the
premium or installment
payment on contract price
collected
For pre-need plans – ₱0.40
on each ₱200 or fractional
part thereof of the premium or
contribution collected
Section 188
Certificates
₱15.00 on each certificate ₱30.00 on each certificate
Section 189
Warehouse receipts
₱15.00 on each ₱30.00 on each

109. Documentary Stamp Tax
Documents subject to DST NIRC TRAIN
Section 190
Jai-alai, Horse Race tickets,
lotto, or other authorized
number games
₱0.10 on each ticket + ₱0.10
on every ₱1.00 or a fractional
part thereof of the cost of the
ticket in excess of ₱1.00
₱0.20 on each ticket + ₱0.20
on every ₱1.00 or a fractional
part thereof of the cost of the
ticket in excess of ₱1.00
Section 191
Bills of Lading or receipts
Goods: over ₱100 but not
over ₱1,000
₱1.00 ₱2.00
Goods: over ₱1,000 ₱10.00 ₱20.00
Section 192
Proxies
₱15.00 on each proxy ₱30.00 on each proxy
Section 193
Powers of Attorney
₱5.00 on each power of
attorney
₱10.00 on each power of
attorney

110. Documentary Stamp Tax
Documents subject to DST NIRC TRAIN
Section 194
Leases and other Hiring
Agreements
₱3.00 for the first ₱2,000 or
fractional part thereof, +
₱1.00 every additional
₱1,000, for each year of the
term of said contract
₱6.00 for the first ₱2,000 or
fractional part thereof, +
₱2.00 every additional
₱1,000, for each year of the
term of said contract
Section 195
Mortgages, Pledges and
Deeds of Trust
Amount secured:
Not over ₱5,000 ₱20.00 ₱40.00
On each ₱5,000 or
fractional part thereof in
excess of ₱5,000
₱10.00 ₱20.00

111. Documentary Stamp Tax
Documents subject to DST NIRC TRAIN
Section 196
Deeds Donation of Real
Property
No DST ₱15.00 for the first ₱1,000,
plus ₱15.00 for every
additional ₱1,000 or fraction
thereof of the consideration to
be paid or FMV, whichever is
higher
Transfers exempt from
donor’s tax:
Exempt from DST

112. Documentary Stamp Tax
Documents subject to DST NIRC TRAIN
Section 197
Charter parties and similar
instruments
₱500 if the registered gross
tonnage is not over 1,000 tons
plus ₱50 for every additional
month or a fraction thereof in
excess of 6 months
₱1,000 if the registered gross
tonnage is not over 1,000 tons
plus ₱100 for every additional
month or a fraction thereof in
excess of 6 months
₱1,000 if the registered gross
tonnage is over 1,000 tons but
not over 10,000 tons plus ₱100
for every additional month or a
fraction thereof in excess of 6
months
₱2,000 if the registered gross
tonnage is over 1,000 tons but
not over 10,000 tons plus ₱200
for every additional month or a
fraction thereof in excess of 6
months
₱1,500 if the registered gross
tonnage exceeds 10,000 tons
plus ₱150 for every additional
month or a fraction thereof in
excess of 6 months
₱3,000 if the registered gross
tonnage exceeds 10,000 tons
plus ₱300 for every additional
month or a fraction thereof in
excess of 6 months

113. Administrative Provisions

114. TRAIN
NIRC Provision
All corporations, companies,
partnerships, or persons
required by law to pay internal
revenue taxes shall keep a
journal and a ledger.
Those whose quarterly sales,
earnings, receipts, or output do
not exceed ₱50,000 shall keep
and use simplified set of
bookkeeping records.
Administrative Provisions
All corporations, companies,
partnerships, or persons
required by law to pay internal
revenue taxes shall keep and
use relevant and appropriate
set of bookkeeping records
duly authorized by the
Secretary of Finance.
CONFIDENTIAL
SL - 114
NIRC
Section 232
Keeping of books of
accounts

115. TRAIN
NIRC Provision
Those whose gross quarterly
sales, earnings, receipts or
output exceed ₱150,000 shall
have their books of accounts
audited and examined yearly
by independent Certified Public
Accountants (CPAs) and their
ITRs accompanied with a duly
accomplished Account
Information Form (AIF).
Administrative Provisions
Those whose gross annual
sales, earnings, receipts or
output exceed ₱3,000,000
shall have their books of
accounts audited and
examined yearly by
independent CPAs and their
ITRs accompanied with a duly
accomplished AIF.
CONFIDENTIAL
SL - 115
NIRC
Section 232
Keeping of books of
accounts

116. TRAIN
NIRC Provision
The taxpayer’s registration
shall contain the information as
may be required by the
Commissioner in the form
prescribed
Persons required to register for
VAT: those whose gross
receipts
• for the past 12 months have
exceeded ₱1,500,000
Administrative Provisions
Additional proviso:
The Commissioner shall
simplify the business
registration and tax compliance
requirements of self-employed
individuals and/or
professionals.
Threshold amount is increased
to ₱3,000,000.
CONFIDENTIAL
SL - 116
NIRC
Section 236
Registration
Requirements

117. TRAIN
NIRC Provision
• for the next 12 months can
be reasonably believe to
exceed ₱1,500,000
Any person not required to
register for VAT may elect to
register for VAT.
Administrative Provisions
Additional proviso:
Any taxable individual who
elects to pay the 8% tax on
gross sales or receipts shall
not be allowed to avail of
optional VAT registration.
CONFIDENTIAL
SL - 117
NIRC
Section 236
Registration
Requirements

118. TRAIN
NIRC Provision
A duly-registered receipt or
sales or commercial invoice,
prepared at least in duplicate,
shall be issued for each sale of
merchandise or service
rendered valued at ₱25 or
more.
Administrative Provisions
It is expressly provided that the
issuance of the receipt or
invoice shall be made at the
point of sale.
The threshold amount is
increased to ₱100.00.
CONFIDENTIAL
SL - 118
NIRC
Section 237
Receipts or Invoices

119. TRAIN
NIRC Provision
Administrative Provisions
Additional provision:
Within 5 years from the effectivity
of the law and upon the
establishment of the necessary
storing and processing system,
the following shall be required to
issue electronic receipts or
sales or commercial invoices in
lieu of manual receipts/invoices:
• taxpayers engaged in the
export of goods and services
• taxpayers engaged in e-
commerce, and
• taxpayers under the
jurisdiction of the Large
Taxpayers Service
CONFIDENTIAL
SL - 119
NIRC
Section 237
Receipts or Invoices

120. TRAIN
NIRC Provision
Administrative Provisions
Other taxpayers may also opt
to issue electronic
receipts/invoices in lieu of
manual ones.
The digital record of electronic
receipts/invoices shall be kept
by the purchaser, customer or
client and the issuer for a
period of 3 years from the close
of the taxable year.
CONFIDENTIAL
SL - 120
NIRC
Section 237
Receipts or Invoices

121. TRAIN
NIRC Provision
No provision
Administrative Provisions
The taxpayers that will be
mandated under Section 236 to
issue electronic
receipts/invoices shall be
required to electronically
report their sales data to the
BIR through the use of
electronic point of sales
systems.
The machines, fiscal devices,
and fiscal memory devices
shall be at the expense of the
taxpayers.
CONFIDENTIAL
SL - 121
NIRC
Section 237 (A)
Electronic Sales
Reporting System
[new]

122. Penalties

123. TRAIN
NIRC Provision
20% interest on any unpaid
amount of tax from the date
prescribed for payment until the
amount is fully paid
Penalties
General interest on unpaid
amount of tax is changed to
12% (at double the rate of legal
interest rate for loans or
forbearance of any money in
the absence of an express
stipulation as set by the BSP;
prevailing BSP-set legal
interest is 6%)
Additional proviso:
Deficiency and delinquency
interest shall in no case be
imposed simultaneously.
CONFIDENTIAL
SL - 123
NIRC
General Interest

124. TRAIN
NIRC Provision
Deficiency interest is assessed
and collected from the date
prescribed for its payment until
full payment thereof.
Penalties
The period when deficiency
interest shall stop to run is until
full payment OR upon issuance
of a notice and demand by the
BIR Commissioner, whichever
comes earlier.
CONFIDENTIAL
SL - 124
NIRC
Deficiency interest

125. TRAIN
NIRC Provision
Any person who willfully
attempts in any manner to
evade or defeat any tax
imposed under this Code or the
payment thereof shall, in
addition to other penalties
provided by law, upon
conviction thereof, be punished
by a fine of not less than
₱30,000 but not more than
₱100,000 and suffer
imprisonment of not less than 2
years but not more than 4
years
Penalties
Administrative Fine is
increased to not less than
₱500,000 but not more than
₱10,000,000
Imprisonment is increased to
not less than 6 years but not
more than 10 years
CONFIDENTIAL
SL - 125
NIRC
Section 254
Attempt to evade or
defeat tax

126. TRAIN
NIRC Provision
Any person who:
• fails or refuses to issue
receipts/invoices
• issues receipts/invoices that
do not truly reflect required
information
• uses multiple or double
receipts or invoices
shall upon conviction be
punished by a fine of not less
than ₱1,000 but not more than
₱50,000 and suffer
imprisonment of not less than 2
years but not more than 4
years
Penalties
Same
CONFIDENTIAL
SL - 126
NIRC
Section 264
Failure or refusal to
issue receipts or
invoices

127. TRAIN
NIRC Provision
Fine of not less than ₱1,000 but
not more than ₱50,000 and
imprisonment of not less than 2
years but not more than 4 years
for any person who:
• Print receipts/invoices without
authority from the BIR
• Print double or multiple sets of
invoices or receipts
• Print unnumbered
receipts/invoices not bearing
the name, business style, TIN
and business address of the
entity
Penalties
Administrative Fine is increased
to not less than ₱500,000 but
not more than ₱10,000,000
Imprisonment is increased to not
less than 6 years but not more
than 10 years
Additional punishable offense:
Printing of other fraudulent
receipts or sales or commercial
invoices
CONFIDENTIAL
SL - 127
NIRC
Section 264
Failure or refusal to
issue receipts or
invoices

128. TRAIN
NIRC Provision
No provision
Penalties
Any taxpayer required to
transmit sales data to the BIR’s
electronic sales reporting
system but fails to do so, shall
pay:
For each day of violation:
1/10 of 1% of the annual net
income as reflected in the
Audited FS for the second year
preceding the current taxable
year OR ₱10,000, whichever is
higher.
CONFIDENTIAL
SL - 128
NIRC
Section 264-A
Failure to Transmit
Sales Data Entered on
Cash Register
Machine/Point of Sales
System (POS)
Machines to the BIR’s
Electronic Sales
Reporting System
[new]

129. TRAIN
NIRC Provision
No provision
Penalties
IF the aggregate number of
days of violation exceed 180
days within a taxable year,
additional penalty shall be:
permanent closure of the
Taxpayer
The penalty shall not apply if
the failure to transmit is due to
force majeure or any causes
beyond the control of the
taxpayer
CONFIDENTIAL
SL - 129
NIRC
Section 264-A
Failure to Transmit
Sales Data Entered on
Cash Register
Machine/Point of Sales
System (POS)
Machines to the BIR’s
Electronic Sales
Reporting System
[new]

130. TRAIN
NIRC Provision
No provision
Penalties
Covered person shall be any
person who purchase, use,
possess, sell or offer to sell, install,
transfer, update, upgrade, keep, or
maintain such automated sales
suppression device or software
designed for or is capable of:
• Suppressing the creation of
electronic records of sale
transactions that a taxpayer is
required to keep under existing
tax laws and/or regulation; or
• Modifying, hiding, or deleting
electronic records of sales
transactions and providing a
ready means of access to them.
CONFIDENTIAL
SL - 130
NIRC
Section 264-B
Sales suppression
devices [new]

131. TRAIN
NIRC Provision
No provision
Penalties
Penalty:
Administrative Fine of not less
than ₱500,000 but not more
than ₱10,000,000 and
imprisonment of not less than
2 years but not more than 4
years.
Cumulative suppression of
electronic sales record in
excess of ₱50,000,000 shall be
considered as economic
sabotage and shall be subject
to maximum penalty.
CONFIDENTIAL
SL - 131
NIRC
Section 264-B
Sales suppression
devices [new]

132. TRAIN
NIRC Provision
No provision
Penalties
Additional punishment for all
offenses relating to fuel marking:
a. Any person engaged in the
sale, trade, delivery,
distribution or transportation
of unmarked fuel in
commercial quantity held for
domestic use or merchandise
(upon conviction)
b. 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
CONFIDENTIAL
SL - 132
NIRC
Section 265-A
Offenses relating to
fuel marking

133. TRAIN
NIRC Provision
No provision
Penalties
• knows the possession,
storage, transfer or offer for
sale of fuel obtained as a
result of such removal,
adulteration or dilution
CONFIDENTIAL
SL - 133
NIRC
Section 265-A
Offenses relating to
fuel marking
First
offense
₱2,500,000
Second
offense
₱5,000,000
Third
offense
₱10,000,000, plus
revocation of license to
engage in any trade or
business

134. TRAIN
NIRC Provision
No provision
Penalties
c. Fine of not less than
₱1,000,000 but not more
than ₱5,000,000 AND
imprisonment of not less
than 4 years but not more
than 8 years for any person
who commits any of the
following acts:
• Making, importing, selling,
using or possessing fuel
markers without express
authority
• Making, importing, selling,
using or possessing
counterfeit fuel markers
CONFIDENTIAL
SL - 134
NIRC
Section 265-A
Offenses relating to
fuel marking

135. TRAIN
NIRC Provision
No provision
Penalties
d. Fine of not less than
₱5,000,000 but not more
than ₱10,000,000 AND
imprisonment of not less
than 4 years but not more
than 8 years for any person
who willfully inserts, places,
adds or attaches 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
herein.
CONFIDENTIAL
SL - 135
NIRC
Section 265-A
Offenses relating to
fuel marking

136. TRAIN
NIRC Provision
No provision
Penalties
e. Any person authorized,
licensed or accredited to
conduct fuel tests, who issues
false or fraudulent fuel test
results knowingly, willfully, OR
through gross negligence, shall
suffer additional penalty of
imprisonment from 1 year and
1 day to 2 years and 6 months
Additional penalties that may be
imposed by the court:
• Revocation of the license to
practice profession In case of a
practitioner
• Closure of the fuel testing facility
CONFIDENTIAL
SL - 136
NIRC
Section 265-A
Offenses relating to
fuel marking

137. TRAIN
NIRC Provision
No provision
Penalties
Additional punishable offense:
(j) Deliberate failure to act on
the application for VAT refunds
within the prescribed period.
CONFIDENTIAL
SL - 137
NIRC
Section 269
Violations committed
by Government
Enforcement Officers

138. MAKATI
Citibank Tower
8741 Paseo de Roxas
Makati City 1226 Philippines
Trunk: +632.982.9100
Fax: +63 2 982 9111
info@reyestacandong.com
CEBU
Ayala Life-FGU Center
Mindanao Avenue cor. Biliran Road,
Cebu City 6000 Philippines.
Trunk: +6332.266.7826
Fax: +6332.266.5157
cebu@reyestacandong.com
DAVAO
Landco Building
J.P. Laurel Avenue,
Davao City 8000 Philippines
Trunk: +6382.221.7826
Fax: +6382.221.4336
davao@reyestacandong.com
ILOILO
Eon Centennial Plaza Hotel
Ledesma cor. Jalandoni St.
Iloilo City 5000 Philippines
Trunk: +6333.337.2277 loc. 611
iloilo@reyestacandong.com
www.reyestacandong.com