With Republic Act 10963 otherwise known as Tax Reform for Acceleration and Inclusion (TRAIN) in effect this year, the BIR has released this week the procedures on how to use the revised Withholding Tax table on employees’ compensation. A second version of the revised withholding tax table was also released.
Here are viewable forms and direct links to the procedures issued by the BIR, along with the updated withholding tax table.
Revised Withholding Tax table (version 2):
Make sure to update your payroll computations, especially if you are using an existing payroll system, software, or service.