BIR Clarifies the Provisions to be Included in RMC No. 050-2018

On 11 May 2018, the Bureau of Internal Revenue (“BIR”) issued Revenue Memorandum Circular (“RMC”) No. 050-2018 to address the frequently asked questions (“FAQs”) related to the income tax and withholding tax provisions of the TRAIN Law and its subsequent implementing revenue regulations. However, certain FAQs were included which were not actually part of the TRAIN Law nor its implementing revenue regulations. In view of the foregoing, the BIR deleted the queries on group health insurance premiums (Q7/A7) and director’s fees (Q34/A34) from RMC No. 050-2018.