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TRAIN 1B, an off-shoot of the Tax Reform for Acceleration and Inclusion (TRAIN) Law or Republic Act No. 10963 signed by President Duterte last December. Besides general tax amnesty, package 1B also includes estate tax amnesty, higher motor vehicle user's charge, bank secrecy relaxation, and automatic exchange of information.
On the other hand, TRAIN 2 seeks to lower the corporate income tax paid by some 95 percent of businesses, while at the same time retaining and providing new fiscal incentives for deserving recipients that will contribute to national development and help generate pro-poor investments and jobs. According to the Department of Finance there is a need to rationalize and modernize the tax incentive system to make incentives time-bound, performance-based and not excessively complex with far too many different, even overlapping laws, rules and regulations.
Accordingly, there is a need for accountants to gain a foothold in the succeeding TRAIN packages for their advance reference and prepare syllabus in accordance with the updates.
In this whole-day event, we will cover all the related issuances on VAT under TRAIN LAW. Specifically, we will discuss various areas of tax concerns concerning VALUE ADDED TAX (VAT).
With the new rules on VAT brought about by TRAIN Law, everyone should be updated to ensure full compliance.
