The Revenue Regulation 11-2018 issued last March 15, 2018 has certain provisions in regards to real property issues. Here are the details:
A house and lot that is given as a fringe benefit to an employee by an employer is now taxed at 35% of the gross monetary value of the property.
Mutual fund dividends is now subject to a final withholding tax of 10% if one chooses to withdraw his or her shares.
If one is renting a real property for business purposes, tax rate is 5%. The landlady/landlord of freelance contractors will be responsible for paying for this tax.
Let’s analyze these situations. Haha --- oops I was about to utter my third ha! when, suddenly, my inbox vomited a new bill -- coming from my internet provider.
Amending Certain Provisions of Revenue Regulations No. 2-98, as Amended, to Implement Further Amendments Introduced by Republic Act No. 10963, Otherwise Known as the “Tax Reform for Acceleration and Inclusion (TRAIN)” Law, Relative to Withholding of Income Tax. Bureau of Internal Revenue Regulations 11-2018 (January, 2018), pages 1-47. Retrieved from https://www.bir.gov.ph/ (accessed May, 2018).