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Property Capital
uHarmonization of
Tax Income Tax capital income tax
rates on deposits and
investment,
uLower rate of dividends, equity and
transaction taxes on land other passive income
4 uUpdate Schedule of Zonal Values to 10% 3
Slide 1
Key Amendments
Income Tax
Slide 2
Annual Income Tax Table
Slide 3
RA NO. 10963
Annual Income Bracket Tax Rate Tax Rate
(2018-2022) (2023 Onwards)
Lower Limit Upper Tax on Tax on Tax on Tax on
Limit lower limit excess lower limit excess
over lower over lower
limit limit
0 250,000 - 0% - 0%
250,000 400,000 - 20% - 15%
400,000 800,000 30,000 25% 22,500 20%
800,000 2,000,000 130,000 30% 102,500 25%
2,000,000 8,000,000 490,000 32% 402,500 30%
8,000,000 Above 2,410,000 35% 2,202,500 35%
Slide 4
Exemption/Deduction from Gross Income
*Under RA No. 10754, an act expanding the benefits and privileges of persons with disability
(PWDs), allows PWDs as qualified dependent with certain qualifications, for purposes of allowing the
benefactor the privilege of claiming the PhP 25,000 exemption in computing taxable income.
However, under RA No. 10963, the same provision was specifically repealed in its repealing clauses.
Slide 5
PhP 90,000
PhP 82,000
Increased threshold
for non-taxable 13th month pay
and other benefits
Slide 6
Individual Income
Income Tax Rates for Individuals Earning Income Both from Compensation and
from Self-employment (business or practice of profession)
Type of
Income
Gross sales/receipts
Revised graduated exceeding PhP 3M
income tax rates VAT threshold?
No Yes
OR Revised
graduated income
Revised graduated
8% gross tax rates plus
income tax rates plus
sales/receipts tax 12% VAT
3% Percentage Tax
Slide 7
Individual Income
Income Tax Rates for Self-Employed Individuals Earning Income Purely from
Self-Employment or Practice of Profession
Slide 8
Income Tax on Alien Employees and Filipino
Employees occupying the same position
PARTICULARS 1997 TAX CODE RA NO. 10963
u RETAINED the provision on 15%
ROHQ
15% preferential rate for alien employees
and Filipino employees occupying the
same position employed by RHQs,
preferential ROHQs, OBUs and petroleum service
Alien Employees and rate contractors and subcontractors.
u Shall NOT BE APPLICABLE to
Filipino Employees
RHQs/ROHQ/OBUs/petroleum service
occupying the same (of salaries, wages,
position contractors and subcontractors
annuities, compensation,
remuneration and other registered with Securities and
*Employed by:
emoluments, such as Exchange Commission (SEC) AFTER
uRegional Headquarters honoraria and January 1, 2018.*
(RHQs) allowances) u EXISTING RHQs/ROHQs/OBUs/
uRegional Operating petroleum service contractors and
Headquarters (ROHQs) subcontractors for qualified
uOffshore Banking Units
(OBUs) employees shall CONTINUE to avail of
u Petroleum Service the preferential tax rate for present
Contractors and and future qualified employees.
Subcontractors (VETOED BY THE PRESIDENT)
*Per draft RR on income tax, such employees shall be subject to regular tax without prejudice to the
application of preferential tax rates under existing international tax treaties.
Slide 9
Only the following provisions of laws related to RHQs and ROHQs were REPEALED by
the TRAIN:
► Article 65 of RA No. 8756, insofar as VAT exemption and zero rating is concerned,
of regional or area headquarters and zero-rating of the sale or lease of goods and
property and the rendition of services to regional or area headquarters, and Article
67, insofar as VAT exemption is concerned, the same Act; Provided, That existing
RHQs and ROHQs enjoying VAT exemption and zero-rating at the time of the
effectivity of TRAIN shall not be effected; and
► Section 5 of RA No. 8756 or An Act Providing For The Terms, Conditions And
Licensing Requirements Of Regional Or Area Headquarters, Regional Operating
Headquarters, And Regional Warehouses Of Multinational Companies, Amending For
The Purpose Certain Provisions Of Executive Order No. 226, Otherwise Known As
The Omnibus Investments Code Of 1987
Slide 10
Optional Standard Deduction (OSD)
1997 TAX
DEDUCTIONS RA NO. 10963
CODE
40% on gross
Retained
OSD for income
Corporations
Slide 11
Exempt
PCSO
(up to
Exempt PhP 10,000)
(full amount)
Philippine Charity
Sweepstakes and 20% final tax
lotto winnings
(in excess of PhP 10,000)
7.5%
15%
final tax
Interest Income from final tax
(applies to both resident individuals
expanded Foreign and domestic corporations)
Currency Deposit Units
(FCDUs)
Slide 12
Passive Income Tax Rates
TYPE OF
1997 TAX CODE RA NO. 10963
INCOME
NET CAPITAL
RATE
GAINS
First
PhP 100,000 5% 15% CGT
(applies to both
Sale of shares Capital resident individuals
of stock not Gains Tax and domestic
(CGT) corporations)
traded in the
In excess of
stock exchange
PhP 100,000
10%
CGT
Slide 13
Slide 14
Income Tax Return – Filing & Payment
PERIOD DEADLINE
(1997 TAX CODE)
1st
of the same
APRIL taxable year
(ANNUAL)
Slide 15
15 15
Deadline of 2nd following the close of the following the close of the
calendar year calendar year
installment
payment*
*When a tax due is in excess of Two thousand pesos (PhP 2,000), the taxpayer other than a
corporation (i.e., individual taxpayer), may elect to pay the tax in two (2) equal installments in which
case, the first installment shall be paid at the time the return is filed (now May 15)
Slide 16
Individual and Corporate ITR
Annual Income
Tax Return
Maximum of 4 pages containing the
following information:
Slide 17
Monthly Remittance
WI 170 and WC
1602 Return of Final Income 7½% 15%
170
Taxes Withheld
Quarterly Remittance
1603 Return of Final Income WF 320 15% 35%
Taxes Withheld
Slide 18
RMC No. 2-2018
BIR Forms being enhanced and ATC affected (continued):
The changes in tax rates previously mentioned are not yet reflected
and implemented in the following:
Thus, the following work around procedures in filing the BIR Forms
previously mentioned shall be adopted by the following taxpayers:
Slide 19
1. File using existing BIR Forms and pay online through eFPS
2. The transaction will result to deficiency tax which will be paid online through
eFPS using BIR Form No. 0605. Moreover, the filer should fill in the
information in the Tax Type and ATC fields as stated below:
Supposed BIR Form
Tax Type ATC
to be Used
WB Withholding Tax – Banks and Other
1602
Financial Institutions All eFPS filers shall use
1603 WR Withholding Tax – Fringe Benefits ATC MC 031 –
Deficiency Tax
2552 ST Percentage Tax - Stocks
3. Once the enhanced versions of the aforesaid forms are available, there will be
an announcement through an RMC along with guidelines on whether
amendments of previously files returns are needed
Slide 20
RMC No. 2-2018
BIR Forms being enhanced and ATC affected (continued):
1. File using existing BIR Forms in the eBIRForms Package and pay via
► Online payment through Landbank Electronic Payment Service (LBEPS) or
BIR-DBP PayTax Online (BDPTO); or
► Manual payment via over-the-counter (OTC) of AABs under the jurisdiction
of the RDO where the taxpayer is registered
2. The transaction will result to deficiency tax which will be paid via payment
methods discussed above using BIR Form No. 0605. Moreover, the filer should
fill in the information in the Tax Type and ATC fields as stated below:
Supposed BIR Form
Tax Type ATC
to be Used
WB Withholding Tax – Banks and Other
1602
Financial Institutions
All eFPS filers shall use
1603 WR Withholding Tax – Fringe Benefits ATC MC 031 –
Deficiency Tax
2552 ST Percentage Tax - Stocks
Slide 21
1. Fill-in the applicable BIR Form downloaded from the BIR Website using the new
tax rates
2. File and pay manually via OTC of AABs under the jurisdiction of the RDO where
the taxpayer is registered
Slide 22
Fringe Benefits Tax (FBT)
35%
(RA NO. 10963)
Increase in
FBT rate* 32%
(1997 Tax Code)
*FBT rate for non-resident alien not engaged in trade or business shall still be at 25%.
Slide 23
Slide 24
Taxability of Government-owned or Controlled
Corporations, Agencies, or Instrumentalities
PCSO
Tax-exempt TAXABLE
Philippine Charity
Sweepstakes
Office
Slide 25
Slide 26
Return and Payment of Taxes Withheld at
source
ENTITY 1997 TAX CODE RA NO. 10963
1% to 15%
1% to 32% (Beginning January 1,
2019) - may affect
Range of the withholding tax on
applicable interest expense on
withholding rates loans which do not
qualify as deposit
substitutes which
currently is subject to
20% EWT
?
2307 close of the quarter
Distribution of
BIR Form Nos.
2306 and 2307 BIR Form No. On or before January
2306 31 of the succeeding
year
Slide 27
?
Annual 1604-CF 31 of the succeeding
Information year
Return and the BIR Form No. Not later than March 1
related Alphalist 1604-E of the following year
Slide 28
Creditable Withholding Tax Rate on Income Payment
to Self-employed Individuals or Professionals
Slide 29
Key Amendments
Estate Tax
Slide 30
Estate Tax
Estate Tax
Rate
Slide 31
Medical
expenses P REPEALED
Family P P
Home (up to (up to
PhP 1M) PhP 10M)
Standard
P P
deductions (PhP 1M) (up to
PhP 5M)
Slide 32
Deductions for Estate Tax
CITIZEN/RESIDENT
DEDUCTIONS
1997 TAX CODE RA NO. 10963
P REPEALED
[actual funeral expense or
Funeral 5% of gross estate,
expenses whichever is lower (up to
PhP 200,000)]
P REPEALED
Judicial
Expenses
Slide 33
Allowed deduction
Gross estate not (with conditions) REPEALED
situated in the
Philippines
Slide 34
Estate Tax – Other Provisions
Required if gross
value of estate NO
exceeds
PhP 200,000 THRESHOLD
Filing of estate tax return
Maximum withdrawal
PhP 20,000 to 6% Final
of the administrator
Withholding Tax
of the estate or any
one of the heirs
Allowed within
TWO (2) YEARS
Not provided from statutory
date WITHOUT
Payment by CIVIL PENALTY
Installment AND INTEREST
Slide 36
Key Amendments
Donor’s Tax
Slide 37
Slide 38
Taxability of Certain Gifts
Exempt
(up to the
amount of REPEALED
Dowries or gifts made
on account of
PhP 10,000)
marriage
Slide 39
Key Amendments
Slide 40
Value Added Tax (VAT)
PhP 3,000,000
Slide 41
Exempt Exempt
(upto PhP 12,800) (upto PhP 15,000)
Monthly rental on
residential unit
Exempt
(Provided that the
fuel, goods and
Exempt supplies shall be used
Importation of fuel, goods and for international
supplies by persons engaged in shipping or air
shipping or air transport transport operations)
operations
Slide 42
Revised Provisions on VAT-exempt
Transactions
TRANSACTION TYPE 1997 TAX CODE RA NO. 10963
Exempt
(up to 1.5 M from Jan. 1,
Exempt 2018 to Dec 31, 2020)
(up to
Sale of residential lot
1,500,000)* ?
(from Jan 1, 2021)
Exempt
(up to 2.5 M from Jan. 1,
Exempt 2018 to Dec. 31, 2020)
(up to
2,500,000)* Exempt
Sale of house and lot and
other residential dwelling (up to 2,000,000 from
January 1, 2021)
Through the issuance of RR No. 16-11, the amounts of PhP 1,500,000 and PhP 2,500,000 were
adjusted using the consumer price index (CPI) to PhP 1,919,500 and PhP 3,199,200, respectively.
Slide 43
Exempt
(from Jan, 1, 2021 - for
sale of real property
Sale of real property utilized utilized for socialized
for low-cost and socialized Exempt housing)
housing as defined by RA No.
7279
VATable
(from Jan 1, 2021- for
sale of real property
utilized for low-cost
housing)
Slide 44
Revised Provisions on VAT-exempt
Transactions
TRANSACTION TYPE 1997 TAX CODE RA NO. 10963
Exempt
RETAINED with deletion
“… sugar
cane into raw “… sugar cane into raw
sugar or raw sugar.’’
Services by agricultural cane sugar.”
contract growers and
milling for others
RETAINED with revision to
include importation of
TOOLS OF TRADE,
occupation or employment
Exempt and BELONGINGS OF
OVERSEAS FILIPINOS, and
Importation of their families and
professional descendants who are now
instruments and residents or citizens of
implements other countries
Slide 45
Slide 46
Additional VAT-exempt Transactions
Slide 47
Slide 48
Additional Zero-rated Sales Transactions
Goods Services
Slide 49
1997 TAX
BUYER RA NO. 10963
CODE
RETAINED with
additional provision:
Slide 50
Zero-rated Sale of Services
1997 TAX
SERVICES RA NO. 10963
CODE
RETAINED with
additional provision:
REVISED as follows:
0% “Transport of passengers
and cargo by DOMESTIC
air or sea vessels from the
Transport of passengers and cargo by Philippines to a foreign
AIR OR SEA VESSELS from the country”
Philippines to a foreign country
Slide 51
0% REPEALED
Foreign currency
denominated sales
0% VAT-EXEMPT
Slide 52
Zero-rated Sale of Goods
*But will no longer be zero-rated once an enhanced VAT refund system is in place and all pending
VAT refund claims as of December 31, 2017 are fully paid in cash by December 31, 2019
Slide 53
Slide 54
Zero-rated Sale of Services
*But will no longer be zero-rated once an enhanced VAT refund system is in place and
all pending VAT refund claims as of December 31, 2017 are fully paid in cash by
December 31, 2019
Slide 55
Sale of Electricity
Slide 56
Enhanced VAT Refund System
RA NO. 10963
1. Refunds of creditable input tax shall be made within 90 days from the filing of the VAT refund
application with the Bureau.
2. All pending VAT refund claims as of December 31, 2017 shall be fully paid in cash by December
31, 2019.
Other Provisions:
► The DOF shall establish a VAT refund center in the BIR and in the BOC that will handle the
processing and granting of cash refunds of creditable input tax.
► 5% of the total VAT collection of the BIR and the BOC from the immediately preceding year shall
be automatically appropriated annually and shall be treated as a special account in the General
Fund or as trust receipts for the purpose of funding claims for VAT refund. Any unused fund, at
the end of the year shall revert to the General Fund.
► The BIR and the BOC shall be required to submit to the Congressional Oversight Committee on
the Comprehensive Tax Reform Program (COCCTRP) a quarterly report of all pending claims for
refund and any unused fund.
Slide 57
Slide 58
VAT Filing and Payment
Slide 59
Slide 60
Percentage Tax
TRANSACTION
1997 TAX CODE RA NO. 10963
TYPE
Slide 61
Key Amendments
Excise Tax
Slide 62
Imposition of Excise Tax
Slide 63
*The rates of tax shall be increased by 4% every year effective on January 1, 2024,
through revenue regulations issued by the Secretary of Finance.
Slide 64
Excise Tax on Fuel & Oil
Slide 65
A. Amounts presented are in Philippine peso per liter of volume capacity (except for petroleum coke which is in Philippine peso per metric
ton).
B. Provided, that liquefied petroleum gas when used as raw material in the production of petrochemical products, subject to the rules and
regulations to be promulgated by the Secretary of Finance, shall be taxed zero (P0.00) per kilogram.
C. Provided, however, that the excise taxes paid on the purchased basestock (bunker) used in the manufacture of excisable articles and
forming part thereof shall be credited against the excise tax due therefrom
D. Provided, however, that, petroleum coke, when used as feedstock to any power generating facility, per metric ton, zero (P0.00).
Slide 66
Excise Tax on Fuel & Oil
Slide 67
Slide 68
Excise Tax on Automobiles
Slide 69
TYPE OF
AUTOMOBILE
1997 TAX CODE RA NO. 10963
Subject to 50% of
the applicable
Not provided
Hybrid excise tax rates
Vehicles on automobiles
Subject to
excise tax Exempt
(Shall be considered as
(Shall not be
Pick-ups considered as trucks)
trucks)
Slide 70
Excise Tax on Automobiles
TYPE OF
AUTOMOBILE
1997 TAX CODE RA NO. 10963
Slide 71
Slide 72
Excise Tax on Sugar Sweetened Beverages (SSBs)
Slide 73
Sweetened
Juice Drinks
Sweetened Flavored
Tea Water
Powdered Cereal
drinks not & grain
classified as beverages
milk, juice, tea
or coffee
Other non-alcoholic
beverages that contain
added sugar
Slide 74
Excise Tax on Sugar Sweetened Beverages (SSBs)
E
X
C
All milk 100% natural 100% natural
L products fruit juices vegetable juices
U
S
I
O Meal replacement Ground coffee, instant
and medically soluble coffee & pre-
indicated packaged powdered
N beverages coffee products
S
Slide 75
PARTICULARS Deadline
DATE
Filing of Return and
Payment of Excise Before removal from
Tax on Domestic and
Imported Sweetened
the place of
Beverages production
Slide 76
Excise Tax on Mineral Products
1997 TAX
PRODUCT RA NO. 10963
CODE
1. Coal and coke PhP 10.00 u January 1, 2018 – PhP 50.00 per
per metric metric ton
ton u January 1, 2019 – PhP 100.00 per
metric ton
u January 1, 2020 – PhP 150.00 per
metric ton
2. All nonmetallic minerals 2% 4%
and quarry resourcesA
3. All metallic mineralsA 2% 4%
a. Copper and other
metallic minerals
b. Gold and chromite
4. On indigenous petroleumB 3% 6%
A Locallyproduced: based on actual market value of the gross output
Imported: based on the value used by the Bureau of Customs in determining tariff and customs duties, net of excise
tax and VAT
BBased on the fair international market price
Slide 77
1 2 3 4
Manufacturers
and/or Importers
to provide
themselves with
The DOF shall
maintain a registry
of all petroleum
The DOF shall
mandate the
creation of a real-
Importers of
finished petroleum
products shall also
manufacturers time inventory of provide
counting or
metering devices and/or importers petroleum articles themselves with
to determine and the articles being Bureau-accredited
volume of being manufactured, metering devices
production and manufactured imported or found to determine as
importation and/or imported in storage depots accurately as
by them. of such petroleum possible the
manufacturers volume of
and/or importers. petroleum
products imported
by them.
Slide 78
Key Amendments
Documentary
Stamp Tax
Slide 79
Slide 80
Documentary Stamp Tax Rates
Slide 81
Slide 82
Documentary Stamp Tax Rates
1.50 3.00
Bank checks, drafts, certificates
of deposit not bearing interest,
and other instruments
Slide 83
Slide 84
Documentary Stamp Tax Rates
Amount of insurance
exceeds 75.00 150.00
PhP 750,000
but does not exceed
PhP 1,000,000
Life insurance
policies Amount of insurance 100.00 200.00
exceeds
PhP 1,000,000
Slide 85
PhP 200
or fractional part thereof, 0.20 0.40
of the premium or
Pre-need plans contribution collected
15.00 30.00
Certificates
Slide 86
Documentary Stamp Tax Rates
15.00 30.00
Warehouse receipts
Slide 87
15.00 30.00
Proxies
Slide 88
Documentary Stamp Tax Rates
5.00 10.00
Powers of attorney
First 2,000
or fractional part 3.00 6.00
thereof
For every 1,000
or fractional part
thereof, in excess of
Leases and other hiring the first 2,000 1.00 2.00
agreements for each year of the
term of the said
contract or agreement
Slide 89
First 5,000
20.00 40.00
of the amount secured
On each 5,000
Mortgages, pledges, and or fractional part thereof
10.00 20.00
deeds of trust in excess of the first
5,000
On the consideration
contracted to be paid RETAINED and
for such realty or on its ADDED
FMV, whichever is 15.00 DONATION as
higher one of the mode
Deed of sale, conveyances of transfer of
and donation of Real property*
Property
*Transfers exempt from donor’s tax under Section 101 (a) and (b) of this Code shall be exempt from the tax imposed
under this Section.
Slide 90
Documentary Stamp Tax Rates
Slide 91
Slide 92
RMC No. 3-2018
BIR Forms being enhanced and ATC affected:
Changes in Tax
BIR Form Form Name ATC Affected
Rate
DS 101, 102, 104
100% increase
Documentary Stamp Tax to 109, 112, 114 to
2000 (except for DS
Declaration/Return 121, 125, 126,
106, 50%)
130 to 132
Slide 93
The changes in tax rates previously mentioned are not yet reflected and
implemented in the following:
Thus, the following work around procedures in filing the BIR Forms
previously mentioned shall be adopted by the following taxpayers:
Slide 94
RMC No. 3-2018
BIR Forms being enhanced and ATC affected (continued):
Slide 95
1. File online using existing BIR Forms in the eBIRForms Package and pay via:
► Online Payment thru GCash, LBEPS or BDPTO; or
► Manual payment via OTC of AABs under the jurisdiction of the RDO where
the taxpayer is registered
2. The transaction will result to deficiency tax which will be paid via payment
methods discussed above using BIR Form No. 0605. Moreover, the filer should
fill in the information in the Tax Type and ATC fields as stated below:
Slide 96
RMC No. 3-2018
BIR Forms being enhanced and ATC affected (continued):
1. Fill-in the applicable BIR Form downloaded from the BIR Website using the new
tax rates
2. File and pay manually via OTC of AABs under the jurisdiction of the RDO where
the taxpayer is registered
Slide 97
Other Provisions
Slide 98
Power of the Commissioner to Obtain Information, and to
Summon, Examine, and Take Testimony of Persons
1997 TAX
PARTICULAR RA NO. 10963
CODE
Slide 99
Slide 100
Additional Provisions on Commissioner’s Authority to Prescribe
Real Property Values
MANDATORY
Slide 101
Basis of valuation
Slide 102
Interest on Deficiency Taxes
Slide 103
Slide 104
Keeping of Books of Accounts
Slide 105
Issuance of Receipts/Invoices
u Provided, further, that where the purchaser is a VAT-registered person, in addition to the information herein
required, the invoice or receipt shall further show the Taxpayer Identification Number (TIN) of the purchaser.
u “Within five (5) years from the effectivity of this Act and upon the establishment of a system capable of storing and
processing the required data, the Bureau shall require taxpayers engaged in the export of goods and services,
taxpayers engaged in e-commerce, and taxpayers under the jurisdiction of the Large Taxpayers Service to issue
electronic receipts or sales or commercial invoices in lieu of manual receipts or sales or commercial invoices, subject
to rules and regulations to be issued by the Secretary of Finance upon recommendation of the Commissioner and
after a public hearing shall have been held for this purpose:
u Provided, That taxpayers not covered by the mandate of this provision may issue electronic receipts or, sales or
commercial invoices, in lieu of manual receipts, and sales and commercial invoices.
u Provided, That in case of electronic receipts or sales or commercial invoices, the digital records of the same shall be
kept by the purchaser, customer or client and the issuer for the same period above stated.
Slide 106
Requirement to use Electronic Sales Reporting
System (ESRS)
SALES REPORTING
TYPE OF TAXPAYER
METHOD
Engaged in export of
goods
ELECTRONIC REPORTING OF
SALES DATA THROUGH
Engaged in export of ELECTRONIC POINT OF SALES
services SYSTEM
Large taxpayer
Data processing of sales and purchase data shall comply with the provisions of "Data Privacy Act" (RA No. 10173)
and Section 270 of NIRC, as amended, on unlawful divulgence of taxpayer information and such other laws relating
to confidentiality of information.
The Bureau shall also establish policies, risk management approaches, actions, trainings, and technologies to
protect the cyber environment, organization, and data in compliance with the “Cybercrime Prevention Act of
2012” (RA No. 10175).
Slide 107
PhP 500,000 to
PhP 10,000,000
6 to 10 years
Slide 108
Failure or Refusal to Issue Receipts or Sales or Commercial
Invoices, Violations Related to the Printing of such Receipts
or Invoices and Other Violations
Slide 109
1/10 of 1% of the
annual net income
(as reflected in the
taxpayer’s AFS for the
Or PhP 10,000
second year preceding the
current taxable year for
each day of violation)
WHICHEVER IS HIGHER
Failure to
Submit Sales
Data PERMANENT CLOSURE of the
taxpayer
Slide 110
Purchase, Use, Possession, Keeping or Maintaining of Sales
Suppression Devices
Cumulative
suppression of
electronic sales
Imprisonment of record in excess of
Minimum:
not less than two the amount of
PhP 500,000 PhP 50,000,000
(2) years but not
Maximum: more than four (4) shall be considered
PhP 10,000,000 years as ECONOMIC
Sales SABOTAGE and
Suppression shall be punished
Devices in the MAXIMUM
PENALTY.
Slide 111
► Source: EY Analysis
Slide 112