On 20 February 2018, the Philippines Bureau of Internal Revenue issued Revenue Regulation No. 8-2018 for the implementation of the amended provisions on income tax pursuant to the Tax Reform for Acceleration and Inclusion (TRAIN) Act (Republic Act No. 10963) ({News-2018-01-10/A/6-previous coverage}). The regulation covers the definitions of terms, the new rate schedule that applies from 1 Janu…