TRAIN Comparative Table 20170111 11AM
TRAIN Comparative Table 20170111 11AM
TRAIN Comparative Table 20170111 11AM
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the fair market value of real properties located in and with prior notice to affected taxpayers,
each zone or area. For purposes of computing any determine the fair market value of real properties
internal revenue tax, the value of the property shall located in each zone or area, subject to automatic
be, whichever is higher of: adjustment once every 3 years through rules and
1. the fair market value as determined by the regulations issued by the Secretary of Finance
Commissioner; or based on the current Philippine valuation
2. the fair market value as shown I the standards: Provided: That no adjustment in zonal
schedule of values of the Provincial and valuation shall be valid unless published in a
City Assessors newspaper of general circulation in the province,
city, or municipality concerned, or in the absence
thereof, shall be posted in the provincial capitol,
city or municipal hall and in 2 other conspicuous
public places therein: Provided, further, That the
basis of any valuation including the records of
consultations done, shall be public records open to
the inquiry of any taxpayer. For purposes of
computing any internal revenue tax, the value of
the property shall be, whichever is higher of:
1. the fair market value as determined by the
Commissioner; or
2. the fair market value as shown I the
schedule of values of the Provincial and
City Assessors
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O LD P ROVISION (NIRC) RA N O . 10963
Personal Income Tax (PIT)
Compensation earners
Tranche 1 (Jan. 1, 2018 – Dec. 31, 2022) SEC. 24(A)(2) Not over P250,000 - 0%
Not over 10,000 - 5%
Over P250,000 to - 20% of the excess
Over P10,000 to - P500 + 10% of the P400,000 over P250,000
P30,000 excess over P10,000
Over P400,000 to - P30,000 + 25% of
- P2,500 + 15% of the P800,000 the excess over
Over P30,000 to excess over P30,000 P400,000
P70,000
- P8,500+20% of the Over P800,000 to - P130,000 + 30% of
excess over P70,000 P2,000,000 the excess over
Over P70,000 to P800,000
P140,000 - P22,500+25% of the
excess over Over P2,000,000 to - P490,000 + 32% of
P140,000 P8,000,000 the excess over
Over P140,000 to P2,000,000
P250,000 - P50,000+30% of the
excess over - P2,410,000 + 35%
Over P8,000,000
P250,000 of the excess over
P8,000,000
Over P250,000 to
- P125,000+34% of
Tranche 2 (Jan. 1, 2023 onwards) P500,000 Not over P250,000 - 0%
the excess over
P500,000 in 1998
Over P250,000 to - 15% of the excess
Over P500,000 P400,000 over P250,000
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Over P2,000,000 to - P402,500 + 30% of
P8,000,000 the excess over
P2,000,000
xxx
13 th month and other bonus threshold SEC. 32(B)(7)(e) as amended by RA 10653 P90,000 without indexation
Gross benefits received by officials and employees
of public and private entities: Provided, however,
That the total exclusion under this subparagraph
shall not exceed P82,000 which shall cover:
xxx
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Individual returns SEC. 51(A)(2)(a)
An individual whose gross income does not exceed An individual whose taxable income does not
his total personal and additional exemptions for exceed P250,000 based on the tax schedule for
dependents are not required to file an ITR compensation income earners shall not be required
to file an ITR.
New provisions:
The ITR shall consist of a maximum of 4 pages in
paper or electronic from containing only:
Personal profile and information;
Total gross sales, receipts or income from
compensation of services rendered,
conduct of trade or business or the exercise
of a profession, except income subject to
final tax as provided under the Tax Code;
Allowable deductions under the Tax Code;
Taxable income as defined in the Tax Code;
and
Income tax due and payable
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Gross sales, receipts or income from
services rendered, or conduct of trade or
business, except income subject to final tax
as provided under the Tax Code;
Allowable deductions under the Tax Code;
and
Income tax due and payable
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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.
Optional 8% flat tax New provision:
SEC. 24(A)(2)(b)
Self-employed individuals and/or professionals
shall have the option to avail of an 8% tax on gross
sales or gross receipts and other non-operating
income in excess of P250,000 in lieu of the
graduated income tax rates and the percentage tax
Sweepstakes and lottery winnings SEC. 24(B)(1). 20% final tax for above P10,000
Exempt
15% preferential rate for Regional Operating SEC. 25(C), (D), (E) New provision:
Headquarters (ROHQs), Offshore Banking Units 15% of gross income of alien individual employees SEC. 25(F)
(OBUs), and Petroleum Service Contractor and “The preferential tax treatment provided in
Subcontractor Subsections (C), (D), and (E) of this Section shall
not be applicable to regional headquarters (RHQs),
regional operating headquarters (ROHQs), offshore
banking units (OBUs) or petroleum service
contractors and subcontractors registering with the
Securities and Exchange Commission (SEC) after
January 1, 2018: Provided, however, That existing
RHQs/ROHQs, OBUs or petroleum service
contractors and subcontractors presently availing
of preferential tax rates for qualified employees
shall continue to be entitled to avail of the
preferential tax rate for present and future
qualified employees.”
Presidential veto:
Deleted above-quoted provision
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Corporate Income Tax (CIT)
Exempt government-owned or -controlled SEC. 27(C) PCSO exemption from CIT removed
corporations, agencies, or instrumentalities The provisions of existing special or general laws to
the contrary notwithstanding, all corporations,
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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Other Percentage Taxes
Tax on sale, barter, or exchange of shares of stock SEC. 127(A). –
listed and traded through the local stock exchange There shall be levied, assessed, and collected on One-sixth of 1%
every sale, barter, exchange, or other disposition of
shares of 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 1% of the
gross selling price or gross value in money of the
shares of stock sold, bartered, exchanged or
otherwise disposed which shall be paid by the seller
or transferor
Percentage tax SEC. 128(A)(3). Exceptions. – The Commissioner SEC. 128(A)(3) is deleted
may, by rules and regulations, prescribe:
(a) The time for filing the return at intervals
other than the time prescribed in the
preceding paragraphs for a particular class
or classes of taxpayers after considering
such factors as volume of sales, financial
condition, adequate measures of security,
and such other relevant information
required to be submitted under the
pertinent provisions of this Code; and
(b) The manner and time of payment of
percentage taxes other than as hereinabove
prescribed, including a scheme of tax
repayment
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Estate Tax
Estate tax rates SEC. 84. 6% on net estate
Net estate not over P200,000 = 0%
Over P200,000 to P500,000 = 5% of the excess
over P200,000
Over P500,000 to P2,000,000 = P15,000 + 8%
of the excess over P500,000
Over P2,000,000 to P5,000,000 = P135,000 +
11% of the excess over P2,000,000
Over P5,000,000 to P10,000,000 = P465,000
+ 15% of the excess over P5,000,000
Over P10,000,000 = P1,215,000 + 20% of the
excess over P5,000,000
Deductions SEC. 86(A). Deductions Allowed to the Estate of a
Citizen or a Resident
(1) Expenses, Losses, Indebtedness, and Taxes SEC. 86(A)(1)(a) and SEC. 86(A)(1)(b) are deleted
(a) Actual funeral expenses of 5% of gross
estate, whichever is lower, but in no
case to exceed P200,000
(b) Judicial expense of testamentary or
inestate proceedings
xxx
(4) The Family Home. – An amount equivalent to P10,000,000 for family home
the current fair market value of the decedent‟s
family home: Provided, however, That if the said Sine qua non condition of barangay certification
current fair market value exceeds P1,000,000, the deleted
excess shall be subject to estate tax. As a sine qua
non condition for the exemption or deduction,
said family home must have been the decedent‟s
family home as certified by the barangay captain
of the locality.
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incurred by the decedent within 1 year prior to his
death which shall be substantiated with receipts:
Provided, That in no case shall the deductible
medical expenses exceed P500,000
SEC. 86
(B). Deductions Allowed to Nonresident Estates
(1) Expenses, Losses, Indebtedness and Taxes – SEC. 86(B)(1) is deleted and replaced by:
The proportion of the deductions specified in par. P500,000 standard deduction
1 of Subsection (A) of this Section which the value
of such part bears to the value of his entire gross
estate wherever situated;
xxx
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the BIR is required as a condition precedent for the
transfer of ownership thereof in the name of the
transferee, the executor, or the administrator, or
any of the legal heirs, as the case may be, shall file a
return under oath in duplicate, setting forth:
xxx
(3) xxx
(A) xxx
Provided, however, That estate tax returns Estate tax returns showing a gross value exceeding
showing a gross value exceeding P2,000,000 P5,000,000 shall be supported with a statement
shall be supported with a statement duly duly certified to by a Certified Public Accountant
certified to by a Certified Public Accountant
containing the following:
xxx
(B) Time for Filing. – For the purpose of Filing must be within 1 year from the decedent‟s
determining the estate tax provided for in death
Section 84 of this Code, the estate tax return
required under the preceding Subsection (A)
shall be filed within 6 months from the
decedent‟s death
Payment SEC. 91 New provision inserted in 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 2 years from the statutory date for
its payment without civil penalty and interest.
SEC. 97. Payment of Tax Antecedent to the Transfer
of Shares, Bonds or Rights. – xxx
If the bank has knowledge of the death of a person, Withdrawal allowed subject to a final withholding
who maintained a bank deposit account alone, or tax of 6%
jointly with another, it shall not allow any
withdrawal from said deposit account, unless the All withdrawal slips shall contain a statement to the
Commissioner has certified that the taxes imposed effect that all of the joint depositors are still living
thereon by this Title have been paid. xxx at the time of withdrawal by any one of the joint
depositors and such statement shall be under oath
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Donor’s Tax
Rates SEC. 99(A) 6% on donations above P250,000
P100,000 = 0%
Over P100,000 to P200,000 = 2% of the excess
over P100,000
Over P200,000 to P500,000 = P2,000 + 4% of
the excess over P200,000
Over P500,000 to P1,000,000 = P14,000 + 6%
of the excess over P500,000
Over P1,000,000 to P3,000,000 = P44,000 +
8% of the excess over P1,000,000
Over P3,000,000 to P5,000,000 = P204,000 +
10% of the excess over P3,000,000
Over P5,000,000 to P10,000,000 = P404,000
+ 12% of the excess over P5,000,000
Over P10,000,000 = P1,004,000 + 15% of the
excess over P10,000,000
Donation to stranger SEC. 99(B) SEC. 99(B) is deleted
Tax Payable by Donor if Donee is a Stranger. –
When the done or beneficiary is a stranger, the tax
payable by the donor shall be 30% of the net gifts.
xxx
Transfer for less than adequate and full SEC. 100.
consideration Where property, other than real property referred A sale, exchange, or other transfer of property made
to in Section 24(D), is transferred for less than an in the ordinary course of business will be
adequate and full consideration in money or considered as made for an adequate and full
money‟s worth, then the amount by which the fair consideration in money or money‟s worth
market value of the property exceeded the value of
the consideration shall, for the purpose of the tax
imposed by this Chapter, be deemed a gift, and shall
be included in computing the amount of gifts made
during the calendar year.
Exemptions SEC. 101(A). In the Case of Gifts Made by a
Resident –
(1) Dowries or gifts made on account of marriage SEC. 101(A)(1) is deleted
and before its celebration or within one year Dowries not exempt
thereafter by parents to each of their legitimate,
recognized natural, or adopted children to the
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extent of the first P10,000
xxx
(4) Sale of gold to the BSP Moved to SEC. 109(1). Exempt Transactions
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(5) Those considered export sales under EO
No. 226, otherwise known as the Omnibus
Investment Code of 1987, and other special
laws
(6) The sale of goods, supplies, equipment and (6) The sales of goods, supplies, equipment and fuel
fuel to persons engaged in international to persons engaged in international shipping or
shipping or international air transport international air transport operations: Provided,
operations That the goods, supplies, equipment and fuel shall
be used for international shipping or air transport
operations.
New provision:
“Provided, That subparagraphs (3), (4), and (5)
hereof shall be subject to the 12% VAT and no
longer be considered export sales subject to 0% VAT
rate upon satisfaction of the following conditions:
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An amount equivalent to 5% of the total
VAT collection of the BIR and the BOC
from the immediately preceding year shall
be automatically appropriated annually and
shall be treated as a special account in the
General Fund or as trust receipts for the
purpose of funding claims for VAT refund:
Provided, That any unused fund, at the end
of the year shall revert to the General Fund.
(1) xxx
(2) xxx
(3) xxx
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(4) Services rendered to persons engaged in (4) Services rendered to persons engaged in
international shipping or international air transport international shipping or international air transport
operations, including leases of property for use operations, including leases of property for use
thereof thereof: Provided, That these services shall be
exclusive for international shipping or air transport
(5) xxx operations
(6) xxx
(7) xxx
Presidential veto:
The above-quoted provision is removed
New provision:
“Provided, That subparagraphs B(1) and B(5) hereof
shall be subject to the 12% VAT and no longer be
considered export sales subject to 0% VAT rate
upon satisfaction of the following conditions:
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(2) All pending VAT refund claims as of
December 31, 2017 shall be fully paid in
cash by December 31, 2019.
(D) Importation of professional instruments and (D) Importation of professional instruments and
implements, wearing apparel, domestic animals, implements, tools of trade, occupation or
and personal household effects (except any vehicle, employment, wearing apparel, domestic animals,
vessel, aircraft, machinery, other goods for use in and personal household effects belonging to
the manufacture and merchandise of any kind in persons coming to settle in the Philippines or
commercial quantity) belonging to persons coming Filipinos or their families and descendants who are
to settle in the Philippines, for their own use and now residents or citizens of other countries, such
not for sale, barter or exchange, accompanying such parties hereinafter referred to as overseas Filipinos,
persons, or arriving within 90 days before or after in quantities and of the class suitable to the
their arrival, upon the production of evidence profession, rank or position of the persons
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satisfactory to the Commissioner, that such persons importing said items, for their own use and not for
are actually coming to settle in the Philippines and barter or sale, accompanying such persons, or
that the change of residence is bona fide arriving within a reasonable time
xxx
o real property utilized for low-cost and o real property utilized for socialized housing
socialized housing as defined by RA No. as defined by RA No. 7279
7279 and other related laws
o house and lot and other residential o house and lot, and other residential
dwellings valued at P2,500,000 and below dwellings with selling price of not more
than P2,000,000
Provided, That not later than January 31, 2009 Provided, That every 3 years thereafter, the
and every 3 years thereafter, the amounts herein amount herein stated shall be adjusted to its
stated shall be adjusted to their present values present value using the Consumer Price Index as
using the Consumer Price Index as published by published by the PSA
the NSO
(Q) Lease of residential unit with a monthly rental (Q) Lease of residential unit with a monthly rental
not exceeding P10,000; Provided, That not later not exceeding P15,000
than January 31, 2009 and every 3 years thereafter,
the amount herein stated shall be adjusted to its
present value using the CPI as published by NSO
New provisions:
(W) Sales or lease of goods and services to senior
citizens and persons with disability, as provided
under RA Nos. 9994 (Expanded Senior Citizens Act
of 2010) and 10754 (An Act Expanding the Benefits
and Privileges of Persons With Disability),
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respectively
Period to refund or issue the tax credit certificate SEC. 112(C) Period within which Refund or Tax SEC. 112(C) Period within which Refund or Tax
Credit of Input Taxes shall be Made. – In proper Credit of Input Taxes shall be Made. – In proper
cases, the Commissioner shall grant a refund or cases, the Commissioner shall grant a refund or
issue the tax credit certificate for creditable input issue the tax credit certificate for creditable input
taxes within 120 days from the date of submission taxes within 90 days from the date of submission of
of complete documents in support of the application the official receipts or invoices and other
filed in accordance with Subsection(A) hereof. documents in support of the application filed in
accordance with Subsections (A) and (B) hereof:
Provided: That 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.
In case of full or partial denial of the claim for tax In case of full or partial denial of the claim for tax
refund or tax credit, or the failure on the part of the refund, the taxpayer affected may, within 30 days
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Commissioner to act on the application within the from the receipt of the decision denying the claim,
period prescribed above, the taxpayer affected may, appeal the decision with the Court of Tax Appeals:
within 30 days from the receipt of the decision Provided, however, That failure on the part of any
denying the claim or after the expiration of the 120- official, agent, or employee of the BIR to act on the
day period, appeal the decision or the unacted claim application within the 90-day period shall be
with the Court of Tax Appeals punishable under Section 269 of this Code.
Tax on persons exempt from VAT SEC. 116. – New provision inserted:
Any person whose sales or receipts are exempt Provided, That cooperatives, and beginning
under Section 109(V) of this Code from the payment January 1, 2019, self-employed and professionals
of VAT and who is not a VAT-registered person with total annual gross sales and/or gross receipts
shall pay a tax equivalent to 3% of his gross not exceeding P500,000 shall be exempt from the
quarterly sales or receipts: Provided, That 3% gross receipts tax herein imposed.
cooperatives shall be exempt from the 3% gross
receipts tax herein imposed. Presidential veto:
No exemption for self-employed and professionals
under the above-quoted provision
Compliance Requirements
Return and payment of VAT SEC 114(A)
Every person liable to pay the VAT shall file a Beginning January 1, 2023, the filing and payment
quarterly return of the amount of his gross sales or required under this Subsection shall be done within
receipts within 25 days following the close of each 25 days following the close of each taxable quarter.
taxable quarter prescribed for each taxpayer:
Provided, however, That VAT-registered persons
shall pay the VAT on a monthly basis
Withholding of VAT SEC 114(C)
The Government or any of its political subdivisions, xxx
instrumentalities or agencies, including GOCCs
shall, before making payment on account of each
purchase of goods and services which are subject to
the VAT, deduct and withhold a final VAT at the
rate of 5% of the gross payment thereof: Provided, That beginning January 1, 2021, the VAT
withholding system under this Subsection shall
shift from final to a creditable system:
Provided, That they payment for lease or use of Provided, further, That the payment for lease or use
properties or property rights to nonresident owners of properties or property rights to nonresident
shall be subject to 10% withholding tax at the time owners shall be subject to 12% withholding tax at
of payment. For purposes of this Section, the payor the time of payment:
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or person in control of the payment shall be
considered as the withholding agent.
Provided, finally, That payments for purchases of
goods and services arising from projects funded by
Official Development Assistance as defined by RA
No. 8182 or the Official Development Assistance Act
of 1996, as amended, shall not be subject to the
final withholding tax system as imposed in this
Subsection.
Bookkeeping requirements SEC. 232(A) SEC. 232(A)
All corporations, companies, partnerships or All corporations, companies, partnerships or
persons required by law to pay internal revenue persons required by law to pay internal revenue
taxes shall keep a journal and a ledger or their taxes shall keep and use relevant and appropriate
equivalents: set of bookkeeping records duly authorized by the
Secretary of Finance wherein all transactions and
Provided, however, That those whose quarterly results of operations are shown and from which all
sales, earnings, receipts, or output do not exceed taxes due the Government may readily and
P50,000 shall keep and use simplified set of accurately be ascertained and determined any time
bookkeeping records duly authorized by the of the year:
Secretary of Finance wherein all transactions and
results of operations are shown and from which all
taxes due the Government may readily and
accurately be ascertained and determined any time
of the year:
Provided, further, That corporations, companies, Provided, further, That corporations, companies,
partnerships or persons whose gross quarterly partnerships or persons whose gross annual sales,
sales, earnings, receipts or output exceed P150,000 eargnins, receipts or output exceed P3,000,000
shall have their books of accounts audited and shall have their books of accounts audited and
examined yearly by independent Certified Public examined yearly by independent Certified Public
Accountants and their income tax returns Accountants and their income tax returns
accompanied with a duly accomplished Account accompanied with a duly accomplished Account
Information Form (AIF) which shall contain, among Information Form (AIF) which shall contain, among
others, information lifted from certified balance others, information lifted from certified balance
sheets, profit and loss statements, schedules listing sheets, profit and loss statements, schedules listing
income-producing properties and the income-producing properties and the
corresponding income therefrom and other relevant corresponding income therefrom and other relevant
statements. statements.
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Electronic sales reporting and invoicing SEC. 237.
Duly registered receipts or sales or commercial Duly registered receipts or sales or commercial
invoices, prepared at least in duplicate, shall be invoices, prepared at least in duplicate, shall be
issued for sales, transfers of merchandise, or issued for sales, transfers of merchandise, or
services rendered valued at p25.00 or more. services rendered valued at p100.00 or more.
Excise tax
Cigarettes
Cigarettes packed by hand SEC. 145(B). P32.5 per pack (Jan. 1, 2018 – Jun. 30, 2018)
P12 per pack (Jan. 1, 2013) P35 per pack (Jul. 2, 2018 – Dec. 31, 2019)
P15 per pack (Jan. 1, 2014) P37.5 per pack (Jan. 1, 2020 – Dec. 31, 2021)
P18 per pack (Jan. 1, 2015) P40 per pack (Jan. 1, 2022 – Dec. 31, 2023)
P21 per pack (Jan. 1, 2016)
P30 per pack (Jan. 1, 2017) 4% indexation from Jan. 1, 2024 onwards
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Naphtha, regular gasoline, unleaded 4.35 4-4-4
Aviation turbo 3.67 8-9-10
Asphalts 0.56 3-4-5
Kerosene 0.00 2.50-4.50-6
Diesel fuel oil 0.00 1-2-3 per kg
LPG 5.35 2.5-4.5-6
Pet coke – New provision: SEC. 148(e)
2.5-4.5-6
Bunker fuel oil 0.00 8-9-10
Exemption New provision:
SEC. 148(e)
xxx
“petroleum coke, when used as feedstock to any
power generating facility, per metric ton, P0.00.
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Presidential veto:
The above-quoted provision is removed
Mitigating measures New provision: SEC. 148(e)
For 2018-2020, the scheduled increases in the
excise tax on fuel shall be suspended when the
average Dubai crude oil price based on Means of
Platts Singapore (MOPS) for 3 months prior to the
scheduled increase of the month reaches or exceeds
USD 80 per barrel
Mandatory marking of all petroleum products New provisions:
SEC. 148-A
Official fuel marking or similar technology shall be
required
SEC. 148(i)
To be required within 5 years from the effectivity of
TRAIN
Automobiles
Marginal Rates (January 1, 2018) SEC. 149. Automobiles. 4% for P600,000 below
P600,000 below = 2% 10% for P600,000 – P1,000,000
Over P600,000 to P1.1M = P12,000 + 20% of 20% for P1,000,000 to P4,000,000
excess of P600,000 50% for P4,000,000 above
Over P1.1M to P2.1M = P112,000 + 40% of
excess of P1.1M
Over P2.1M = P512,000 + 60% of excess of
P2.1M
Other types of vehicles Purely electric vehicles and pick-ups are exempt
Hybrid vehicles are subject to 50% of the
applicable excise tax rates
Cosmetic procedures
Invasive cosmetic procedures – New provision: SEC. 150-A. Non-essential Services
5%, excluding –
- procedures necessary to ameliorate a
deformity arising from, or directly related
to a congenital or developmental defect, a
personal injury arising form an accident or
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trauma, or disfiguring disease, tumor, virus
or infection
- treatments covered by the National Health
Insurance Program
Sweetened beverages
Rate – New provision: SEC. 150-B
P6.00/liter for purely caloric or non-caloric
sweetener, or a mixture of both
P12.00/liter for high fructose corn syrup, whether
pure or mixed
Exemptions SEC. 150-B(C)
All milk products, including plain milk, infant
formula milk, growing up milk, powdered milk,
ready to drink milk and flavored milk,
fermented milk, soymilk and flavored soymilk
100% natural fruit juices
100% natural vegetable juices
Meal replacement and medically indicated
beverages
Ground coffee, instant soluble coffee; pre-
packaged coffee
Mineral products
Coal and coke SEC. 151(A)(1). P50/MT (2018)
10/MT P100/MT (2019)
P150/MT (2020)
on domestic or imported coal
SEC. 151(A)(2).
Non-metallic minerals 2% 4%
Copper and other metallic minerals 2% 4%
Gold and chromite 2% 4%
Indigenous petroleum 3% 6%
Metering SEC. 155. Manufacturers to Provide Themselves New provision inserted in SEC. 155:
with Counting or Metering Devices to Determine “Provided, That the DOF shall maintain a registry
Production. – of all petroleum manufacturers and/or importers
Manufacturers of cigarettes, alcoholic products, oil and the articles being manufactured and/or
products and other articles subject to excise tax that imported by them: Provided, further, That the DOF
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can be similarly measured shall provide themselves shall mandate the creation of a real-time inventory
with such necessary number of suitable counting or of petroleum articles being manufactured, imported
metering devices to determine as accurately as or found in storage depots of such petroleum
possible the volume, quantity or number of the manufacturers and/or importers: Provided, finally,
articles produced by them under rules and That importers of finished petroleum products shall
regulations promulgated by the Secretary of also provide themselves with Bureau-accredited
Finance, upon recommendation of the metering devices to determine as accurately as
Commissioner. possible the volume of petroleum products
This requirement shall be complied with before imported by them.”
commencement of operations.
SEC. 174
Original issue of shares of stock = P1.00 P2.00
SEC. 175
Sales, Agreements to Sell, Memoranda of Sales,
Deliveries or Transfer of Shares or Certificates of
Stock = P0.75 P1.50
SEC. 177
Certificate of Profits or Interest in Property or
Accumulations = P0.50 P1.00
SEC. 178
Bank Checks, Drafts, Certificate of Deposit not
bearing interest and other Instruments = P1.50 P3.00
SEC. 179
All Debt Instruments = P1.00 P1.50
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SEC. 180
All Bills of Exchange or Drafts = P0.30 P0.60
SEC. 181
Acceptance of Bills of Exchange = P0.30 P0.60
SEC. 182
Foreign Bills of Exchange and Letters of Credit =
P0.30 P0.60
SEC. 183
Life Insurance Policies =
P10.00 if the amount if the amount of insurance P20.00
exceeds P100,000.00 but does not exceed
P300,000.00
P25.00 if the amount of insurance exceeds P50.00
P300,000.00 but does not exceed P500,000.00
SEC. 186
Policies of Annuities and Pre-Need Plans = P0.50 P1.00
SEC. 188
Certificates = P15.00 P30.00
SEC. 189
Warehouse Receipts = P15.00 P30.00
SEC. 190
Jalai-alai, Horse Race Tickets, Lotto, other P0.20
authorized number games = P0.10
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SEC. 191
Bills of Lading or Receipts (except charter party) = P2.00
P1.00
SEC. 192
Proxies = P15.00 P30.00
SEC. 193
Powers of Attorney = P5.00 = P10.00
SEC. 194
Lease and other hiring agreements = P3.00 for the Rates multiplied by 2
first P2,000
SEC. 195
Mortgages, pledges, deed of trust = P20.00 for the Rates multiplied by 2
first P5,000
SEC 196
Deed of Sale, Conveyances, Donations = P15.00 for No change in rates
the first P1,000
(B) Deficiency Interest – Any deficiency in the (B) Deficiency Interest – Any deficiency in the
tax due, as the term is defined in this Code, tax due, as the term is defined in this Code,
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shall be subject to the interest prescribed in shall be subject to the interest prescribed in
Subsection (A) hereof, which interest shall Subsection (A) hereof, which interest shall
be assessed and collected from the date be assessed and collected from the date
prescribed for its payment until the full prescribed for its payment until the full
payment thereof payment thereof, or upon issuance of a
notice and demand by the CIR, whichever
comes earlier
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or maintain any software or device designed for, or
is capable of: (a) suppressing the creation of
electronic records of sales 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 P500,000 but
not more than P10,000,000, and suffer
imprisonment of not less than 2 years but not more
than 4 years; Provided, That a cumulative
suppression of electronic sales record in excess of
P50,000,000 shall be considered as economic
sabotage and shall be punished in the maximum
penalty provided for under this provision.”
Offenses relating to fuel marking New provision:
SEC. 265-A
(a) For sale, trade, delivery, distribution or
transportation of unmarked fuel in
commercial quantity held for domestic use
or merchandise:
- P2,500,000 for first offense
- P5,000,000 for second offense
- P10,000,000 and revocation of license
to engage in any trade or business for
third offense
(b) For removal of official fuel marking,
adulteration or dilution of fuel intended for
sale to the domestic market, and knowing
possession, storage, transfer or offer for
sale of fuel obtained as a result of such
removal, adulteration, or dilution:
- same as preceding Subsection
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possessing fuel markers without
express authority
2. Making, importing, selling, using or
possessing counterfeit fuel markers
3. Causing another person or entity to
commit 1 and 2
4. Causing the sale, distribution, supply or
transport of legitimately imported, in-
transit, manufactured or procured
controlled precursors and essential
chemicals, in diluted, mixtures, or
concentrated form, to any person or
entity penalized in Subsections (a), (b),
or (c)
5. Willfully inserting, placing, adding, or
attaching directly or indirectly
whatever quantity of unmarked fuel,
counterfeit additive or chemical in the
person, house, effects, inventory, or
immediate vicinity of an innocent
individual:
- P5,000,000-P10,000,00o fine
- 4-8 years imprisonment
6. Issuance of false or fraudulent test
results knowingly, willfully, or through
gross negligence by persons authorized
to conduct the same:
- additional penalty of 1 year and 1
day to 2 years and 6 months
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Disposition of incremental revenue New provision:
SEC. 288(F). Incremental Revenues from the
TRAIN – For 5 years from the effectivity of this Act,
the yearly incremental revenues generated shall be
automatically appropriated as follows:
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