SGV Cebu Holds Tax Updates Beyond the TRAIN

SGV Cebu held last 22 June, a half-day public tax seminar on Tax Updates Beyond the Tax Reform for Acceleration and Inclusion (TRAIN) Act.

The seminar discussed the significant and most recent BIR issuances implementing Package 1a the TRAIN Act, the proposed Tax Amnesty under Package 1b, as well as an overview of Package 2 pursuant to House Bill No. 7458, otherwise known as the “Corporate Income Tax and Incentives Reform Act.”

Global Compliance and Reporting (GCR) Tax Partner Josenilo G. Mendoza discussed the recent amendments to the country’s tax code brought about by the passing of the TRAIN Act, including the proposed bills that are pending for further deliberation in Congress. He also presented simulated computations applying the new tax rates to guide the audience on how to properly compute for specific taxes. The session ended with an open forum.

The seminar was organized by the SGV Cebu office and the Business Tax Services and GCR subservice lines. The organizing team was headed by Atty. Giness Marie G. Rosales and Atty. Virnee Joy T. Agot of SGV Cebu under Cebu Partner-in-charge Cheryl Edeline C. Ong.