Cooperative Development Authority must now submit to BIR a tax incentive report,
which shall include information on the income tax, value-added tax, and other tax
incentives availed of by cooperatives registered and enjoying incentives which shall
be submitted to Department of Finance
Also, the basis of any valuation, including the records of consultations done, shall be
public records open to the inquiry of any taxpayer.
Sec. 24
Note:
Sec. 24, A (2) (b), which speaks of Rate of Tax on Income of Purely Self-
employed Individuals and professional whose Gross Sales or Gross Receipts
and Other Non-operating Income Does Not Exceed the VAT threshold, is a
NEW provision.
Sec. 24, A (2) (c), applies for Mixed Income Earners or those earning
compensation income and income from business or practice of profession.
Under the said paragraph, income from Compensation shall be taxed based from the
tax schedule under paragraph (a).
Capital gains for sale of shares of stock are now taxed at 15% upon the
net capital gains from sale of stocks.
NOTE: The preferential tax treatments extended to RHQ, ROHQ, OBU or petroleum
contractors shall not be given to those who will just apply after effectivity of the
TRAIN law. All those enjoying such rights shall continue to be entitled.
In the Train Law, in computing for the taxable income, there are no more
EXEMPTIONS.
Instead of Gross income minus deductions and exemptions, now we only deduct the
allowed deductions and there is no more exemtions.
Final tax imposed is not 35% of the grossed-up monetary value of the fringe benefit.
Sec. 34 - Deductions
Under TRAIN law, there are no more exemptions that taxpayers may avail.
Thus, those single and those who are heads of the family cannot avail of any
exemptions.