Philippine Income Tax volume one Christopher P. Llamado/ Jack L.A. De Vera

The Tax Reform Acts of 1997 has been amended by the following: a. Republic act no.9337 which increase the VAT rate to twelve percent (12%). b. Republic Act 9504, the important features of which are: 1. Exemption of minimum wage employees from the tax on compensation income. 2. Increase in the optional standard deduction (OSD) for individuals to forty percent (40%) of gross receipts or sales. 3. Permission given to corporations to claimed the OSD of 40% of gross income. c. Republic Act. No. 10026 which granted income exemptions to local water district by including them in the list of tax- exempt GOCC's. d. Republic Act No. 10378 which provides preferential tax rates oor exemptions from income tax of international carriers based on the principle of reciprocity of applicable tax treaty. e. Republic Act No. 10165 which allows taxpayers additional exemptions for qualified foster children. f. Republic Act No. 10754 which allows taxpayer additional exemptions for qualified persons with disability ("PWD"). g. And most recently, Republic Act No. 10963, also known as the Tax Reform for Acceleration and Inclusions ("TRAIN"), which amends several provisions of the Tax Code relating to individual income taxation, tax on passive income, estate tax, VAT excise tax, and DST. Keywords: tax, law, taxpayers