Maria Leobeth B.

Deslate-Delicana
Admin · January 24 at 1:08am · Panay
8 TRAIN Tax Reform Items that You Probably Didn’t Know� � 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