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    8 TRAIN Tax Reform Items that You Probably Didn’t Know yet

    8 TRAIN Tax Reform Items that You Probably Didn’t Know yet

     

    1. Deadline for filing of annual Income Tax Return (ITR)

    Before: April 15
    Now: May 15

    2. Personal and additional exemptions have been removed

    Before: personal exemption of P50,000 and additional exemption of P25,000 per qualified dependent

    Now: None

    3. Tax on lotto winnings and PCSO prizes

    Before: Lotto winnings and all PCSO prizes are tax-exempt

    Now: all PCSO and lotto prizes are taxed 20% if the amount of the prize or winnings is above ten thousand pesos (P10,000).

    4. Tax on stock transactions

    Sale of stocks not traded in the Philippine Stock Exchange (PSE)

    Before: Tax Rate is 5-10%. 
    Now: Tax Rate is 15%.

    Sale of stocks that are traded in the PSE

    Before: Tax Rate is 0.5% of the gross trade amount
    Now: Tax Rate is 0.6% of the gross trade amount

    5. Documentary Stamps (Doc Stamps) Tax

    Before: DST is from ₱0.75 to ₱1.50
    Now: DST is doubled at ₱1.50 to ₱3.00

    6. Donor’s Tax

    Before: The donor’s tax was 2% to 15% if the donor and donee are related, and 30% if the donation was to a stranger.

    Now: The donor’s tax was revised to a flat rate of 6% regardless of the relationship between the donor and the donee.

    Donations or gifts below P250,000 are tax-exempt. Donations with value of at least P250,000 are taxed using the new rate of 6% on the amount in excess of P250,000.

    7. Estate Tax

    Before: Under current tax laws, only family homes worth P1 million are tax-exempt.

    Now: The estate tax is now a flat 6% rate on the amount in excess of P5 million. Estates with a net value of P5 million and below will be tax-exempt. Family homes that are valued at no more than P10 million will also be exempted.

    8. Tax Exempt on 13th Month Pay and Other Benefits

    Before: ₱82,000
    Now: ₱90,000

    For your guidance.

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