What are the reports needed in the new TRAIN law?
By: Sen Nama
Pasig City, Metro Manila – November 22, 2018 – TRAIN Law is still a hot topic until now because businesses and individual taxpayers are affected by lots of changes in tax laws brought by this. The Package 1 affects many things; this includes some reports related to payroll like Income Tax table and Withholding Tax table, as well as annualization report of employees’ compensation. These reports are needed by an employer, for them to comply with the annual report on compensation required by the BIR that includes alphalist and BIR form 1604CF. To file and pay correctly monthly tax due in BIR using the form 1601C.
Income tax table is used for the computation of annual income tax due of employees, which is needed by the employer to withhold and remit to BIR. This annual tax income due is compared to the amount of withholding tax deducted from the employee and remitted to BIR from January to November. While the withholding tax table is used by the employer to know the withholding tax on compensation to be deducted to the employee every month.
In line with these, a payroll master needs a system that would help in generating those reports.
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