ATTY. PEACHES ARANAS

A few months ago, we discussed Revenue Regulations (RR) No. 8-2018, which implements the income tax provisions of Republic Act (RA) No. 10963, or the “Tax Reform for Acceleration and Inclusion” (TRAIN) Law.In particular, our discussion focused on an option for individual taxpayers to avail of an 8 percent tax on gross sales or receipts. Individuals earning income purely from self-employment and/or practice of profession whose gross sales/receipts do not exceed the value-added tax (VAT) threshold of P3,000,000 shall have the option to avail of:

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