Let's Get on the TRAIN
BUREAU OF INTERNAL REVENUE
The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) 50-2018, 11 May 2018, clarifying certain provisions of Revenue Regulations (RR) Nos. 8-2018 and 11-2018 Implementing the Income Tax Provisions of Republic Act (R.A.) No. 10963, Otherwise Known as “Tax Reform for Acceleration and Inclusion (TRAIN)” Act. The RMC provides answers to the most frequently asked questions on the following income and withholding tax provisions:
RMC No. 50-2018 merely provides a general guidance on the foregoing tax provisions. It must be read in conjunction with the pertinent provisions of the TRAIN Act, the Tax Code and its amendatory regulations.
Attached is the full text of the issuance.
DISCLAIMER: The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although R.G. Manabat & Co. endeavors to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.
For any queries, you may contact any member of the InTAX Editorial Board or send your questions to firstname.lastname@example.org.
© 2020 R.G. Manabat & Co., a Philippine partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance.