Professional Documents
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Title of the law This Act shall be known as the “Tax Reform
for Acceleration and Inclusion” [1]
1
Sec. 1 of RA 10963
2
Sec. 87 of RA 10963
3
National internal Revenue Code of 1997, Republic Act 8428
Salient Features 1. Has 87 Sections.
(distinguishing features)
2. It REPEALED Sections 35, [4] 62 [5] and 89
[6] of Tax code (NIRC of 1997) [7]
3. It AMENDED Sections 5, 6, 24, 25, 27, 31,
32, 33, 34, 51, 52, 56, 57, 58, 74, 79, 84, 86,
90, 91, 97, 99, 100, 101, 106, 107, 108, 109,
110, 112, 114, 116, 127, 128, 129, 145, 148,
149, 151, 155, 171, 174, 175, 177, 178, 179,
180, 181, 182, 183, 186, 188, 189, 190, 191,
192, 193, 194, 195, 196, 197, 232, 236, 237,
249, 254, 264, 269, and 288;
4
See Section 35 of NIRC (National internal Revenue Code of 1997, Republic
Act 8428), Allowance of Personal Exemption for Individual
Taxpayer.
5
Section 62. Exemption Allowed to Estates and Trusts. - For the purpose
of the tax provided for in this Title, there shall be allowed an exemption
of Twenty thousand pesos (P20,000) from the income of the estate or
trust.
6
Section 89. Notice of Death to be Filed. - In all cases of transfers subject
to tax, or where, though exempt from tax, the gross value of the estate
exceeds Twenty thousand pesos (P20,000), the executor, administrator
or any of the legal heirs, as the case may be, within two (2) months after
the decedent's death, or within a like period after qualifying as such
executor or administrator, shall give a written notice thereof to the
Commissioner.
7
See Section 86 of TRAIN law (RA 10963) Repealing Clause,
8
See Section 86 of TRAIN law (RA 10963) Repealing Clause,