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 January 2018 and the schedule that will apply from 1 January 2023, several examples on how individuals are to be taxed based on their type(s) of income, the taxation of fringe benefits, available deductions, etc. The regulation also briefly covers the taxation of...