Impact of the TRAIN Law by PICPA Taxation CPALE

08/08/2018

Impact of the TRAIN Law On Income Taxation, Business Taxation and Withholding Taxes

Of Cooperatives

“Ignorance of the law excuses no one”

Presentation Outline A. REVIEW OF THE BASICS ON COOPERATIVES COOPERATIVES B. IMPACT OF TRAIN LAW ON 1. Income Taxation 2. Business Taxation 3. Withholding Taxes Taxes C. Other Updates 1. New Rules on Invoicing Requirements 2. Penalties and Interest on Amended Return 3. Ease of Doing Business

The law is harsh, but it is the law.

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REASON WHY YOU ARE HERE

To learn more about the TRAIN


To develop competence and build up confidence confidence in facing BIR BIR audit.


To earn CPD Units

PROFILE OF COOPERATIVES

Registered with CDA? Registered with NEA? Registered with BIR? With approved CTE from BIR? Who experienced audit of BIR?

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Audit Experience

Asian Institute of Taxation Taxation

Confident!!!

Asian Institute of Taxation

Nervous


Let’s go. . .


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Legal References Philippine Constitution Republic Acts (Tax Laws) Revenue Regulations

Legal Statutes on Coops RA No. 9520 (The Philippine Philippi ne Institute Cooperative Code of 2008) Asian of Asian Institute ofTaxation Taxation Taxation February 17, 2009

RMCs/RMOs BIR Rulings Rulings CTA Decisions Supreme Court Decisions

Legal Statutes on Coops

Asian of RAInstitute No. No. 10963 Asian Institute ofTaxation Taxation Taxation

(The Tax Reform for Acceleration & Inclusion) January 1, 2018

Amended and renumbered the old Law RA 6938 (Cooperative Code of the Philippines) (March 10, 1990

National Internal Revenue Code As amended by RA 10963 Section 109 (L)

Asian AsianInstitute Instituteof ofTaxation Taxation Taxation

Sales by agricultural cooperatives duly registered with the Cooperative Development Authority to their members as well as sale of their produce, whether in its original state or processed form, to non-members; their importation of direct farm inputs, machineries and equipment, including spare parts thereof, to be used directly and exclusively in the production and/or processing of their produce;

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National Internal Revenue Code As amended by RA 10963


Asian Institute Section 109 of (M) Asian Institute ofTaxation Taxation

Asian AsianInstitute Instituteof ofTaxation Taxation

Gross receipts from lending activities by credit or multipurpose cooperatives duly registered with the Cooperative Development Authority;

Section 109(N)

Sales by non-agricultural, non-electric and non-credit cooperatives duly registered with the Cooperative Development Authority: Provided, That the share capital contribution of each member does not exceed Fifteen thousand pesos (P15,000) and regardless of the aggregate capital and net surplus ratably distributed among the members;



SECTION 116. Tax on Persons Exempt from Valueadded Tax (VAT). — Any person whose sales or Institute Taxation receipts are Asian exempt Sectionof 109 (BB) of this Code Asianunder Institute of Taxation from the payment of value-added tax and who is not a VAT-registered person shall pay a tax equivalent to three percent (3%) of his gross quarterly sales or receipts: Provided, That cooperatives, and beginning January 1, 2019, self-employed and professionals with total annual gross sales and/or gross receipts not exceeding Five hundred thousand pesos (P500,000) shall be exempt from the three percent (3%) gross receipts tax herein im osed."

Asian of SECTION 116. TaxInstitute on Persons Exempt from ValueAsian Institute ofTaxation Taxation added Tax (VAT). — Any person whose sales or receipts are exempt under Section 109 (BB) of this Code from the payment of value-added tax and who is not a VAT-registered person shall pay a tax equivalent to three percent (3%) of his gross quarterly sales or receipts: Provided, That cooperatives shall be exempt from the three percent (3%) gross receipts tax herein imposed."

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FOCUS : COOPERATIVES


Review of the Basics

Article 60

Coops which transacts with Members only.


Duly registered cooperatives which do not transact business with non-members or the general public shall not be subject to any taxes and fees imposed under the internal revenue laws and other tax laws.

RMC 12-2010 - Feb 11, 2010 Joint RR for Articles 60, 61 & 144 Kinds of Cooperatives under Articles 60 & 61 RA 9520


1. Those transacting with members only 2. Those transacting with members and of nonmembers whose ARUNS more than 10 M 3. Those transacting with members and non-members with ARUNS of more than 10M

Article 61A

Asian Institute Coops which transacts withof Members and NonAsian Institute ofTaxation Taxation Members with ARUNS of not more than P10M. Exempt from all national internal revenue taxes as Coops in Art 60.

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Article 61B

Asian Institute Taxation Coops which transacts withof Members and Asian Institute of Taxation Non-Members with ARUNS more than P10M. Exempt from all national internal revenue taxes as Coops in Art 60 with respect to transactions with Members but subject to NIRC Taxes with respect to transactions with non-members

Tax

Joint RR for Articles 60, 61 & 144

6. DST provided the other party who is not exempt shall be the one directly liable 7. Annual Registration fee of P500.00 8. All taxes on transactions with insurance companies and banks, including but not limited to 20% final tax on interest deposits and 7.5% final income tax on interest income derived from a depository bank under the EFCDS

Joint RR for Articles 60, 61 & 144

Section 7 of RMC 12-10 : Exemption of Coops under Art 60 1. Income tax 2. VAT 3. Percentage Tax 4. Donor’s Tax on donations to duly accredited charitable, research and educational institutions re-investment to socio-economic projects within the area of operation of the Coops 5. Excise tax for which it is directly liable

Taxability of all Cooperatives, regardless of classification 1.Capital gains from sale of shares of stocks and other disposition of real property classified as capital assets; 2. DST on transactions of coops dealing with non-members, except transactions with banks and insurance cos,Provided that whenever one party to the taxable document enjoys the exemption from DST, the other party who who is not exempt shall be the one directly liable for DST; 3. VAT billed on purchases of goods and services, except VAT on the importation of agri coops of direct farm inputs, machineries and equipt, including spare parts thereof, to be used exclusively and directly in the production of their produce under Sec 109(L) NIRC;

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Taxability of all Cooperatives, regardless of classification 4. W-tax on compensation of employees; 5. Income and business taxes on unrelated income to the main/principal business under its Articles of Cooperation; 6. All other taxes for which coops are directly liable and not otherwise exempted by any law.

RMC 12-2010 - Feb 11, 2010 Joint RR for Articles 60, 61 & 144

Liabilities of Coops under Art 61B: 2. VAT on transactions with non-members, except: i. sales by agri coop to their members as well as non-members ; importation of direct farm inputs, machineries and equipment and spare parts directly used in the production or processing of their produce.

Sect


Liabilities of Coops under Art 61B: 1. Income tax – on the amount allocated for interest on capital ; Provided That the same tax is not consequently imposed on interest individually received by the members. Tax base is net surplus arising from the business transactions with nonmembers after deducting the amounts from the statutory reserve funds


Liabilities of Coops under Art 61B (Cont’d): 2. ii. Gross receipts from lending activities by credit or multi-purpose coops iii. Sales by non-agri, non-electric and noncredit coops, provided that the share capital contributions of each member does not exceed P15,000, regardless of the aggregate capital and net surplus ratably distributed among members.

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RMC 12-2010 - Feb 11, 2010 Joint RR for Articles 60, 61 & 144 Section 9 Unrelated Income of Coops


All income of cooperatives not related to the main/ principal business/es shall be subject to all appropriate taxes under the NIRC.


Other Income of Coops And Coop Members

This is applicable to all types of cooperatives whether dealing purely with members or both members and non-members.

RMC 12-2010 Taxability of Members of Coops Sec 11. Taxability of Members/Share Holders of Coops All members of coops shall be liable to pay NIRC taxes Asian Institute Instituteof ofTaxation Taxation except for the Asian following: a. Any tax and fee, including but not limited to final tax on members deposits or fixed deposits (otherwise known as share capital) with cooperatives and documentary tax on transactions of members with the Coop; and b. Patronage Refund which includes all refunds, returns or rebates of the net savings generated from the operation of the coop.

Investment in Government Bonds BIR Ruling 169-12 Though cooperatives are exempts from certain taxes, nevertheless exemption from final tax of the Coliling Farmer's Asian Institute of Asian Institute ofTaxation Taxation Savings and Credit Cooperative's investment in government bonds is not among those exemptions granted by law as the investment is not related to the cooperative's principal business. In view of the foregoing, the request for exemption from final tax relative to its investment in government bonds is hereby denied for lack of legal basis.

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RMC 47-2011 dated Oct 5, 2011 Interest on Deposits of Members

CTE of Cooperatives


Asian ofSupreme Taxation Circularized theInstitute decision of the Court that the petitioner, Dumaguete Cathedral Credit Cooperative is not liable to pay the assessed deficiency withholding taxes on interest income from the savings and time deposits of its members.

RMO 76-2010 Application for CTE

Asian AsianInstitute Instituteof ofTaxation Taxation Prescribing the Policies and Guidelines in the Issuance of Certificate of Tax Exemption of Cooperatives and the Monitoring Thereof

RMO 76-2010 Application for CTE General Guidelines: of Taxation All Coops Asian previously registered with under RA 6938  AsianInstitute Institute ofCDA Taxation are deemed registered under RA 9520 , and a new certificate of registration shall be issued by CDA. It is only after a coop has secured a new certificate of  registration that it becomes eligible to apply for a CTE with the BIR. All coops registered with CDA are mandated to update  their registration information with the BIR

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RMO 76-2010 Application for CTE General Guidelines: Asian Institute of  A cooperative applying for tax exemption shall be Asian Institute ofTaxation Taxation required, as a condition for the issuance of Certificate of Tax Exemption, to update its BIR Registration with the Revenue District Office (RDO ) having jurisdiction over the cooperative's principal place of business.  The cooperative's application for Registration Update may be processed simultaneously with the cooperative's application for tax exemption.


Asian General Guidelines: AsianInstitute Instituteof ofTaxation Taxation Applications for Certificate of Tax Exemptions and its subsequent renewals shall comply with documentary requirements prescribed in Section. 5 of RMO 76-2010 . The RDO shall refuse to accept the cooperative's application when it is not properly supported by the documents required herein.

RMO 76-2010 Application for CTE General Guidelines:


Asian Institute of Taxation The Updated Certificate of Registration shall be issued and released to the cooperative together with the Certificate of Tax Exemption. The concerned RDO shall endeavour to release the Certificate of Tax Exemption within ten (10) working days from submission of complete documents by the cooperative . 


A. For the Original of CTE AsianIssuance Institute of(Cont’d) Taxation 4.Certified True Copy of the BIR Certificate of Registration of the Cooperative. 5.Original Copy of Certification under Oath of the List of Cooperative Members with their respective Taxpayer Identification Number (TIN) and their capital contributions prepared by authorized official of the Cooperative.

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RMO 76-2010 Application for CTE A. For the Original Issuance of CTE (Cont’d) For theAsian of this list of cooperative initial submission Institute of Asian Institute ofTaxation Taxation members, those without TIN may temporarily use NSO number or other government issued ID number or Community Tax Certificate Number. Subsequently, however, the cooperative should require all their members to secure a TIN with the BIR for the updated list of members to be submitted together with the regular filing of the cooperative's annual income tax return.

RMO 76-2010 Renewal of CTE B. For the Renewal of CTE (Cont’d) 3.

Asian Institute of Taxation Institute ofCertificate Taxation CertifiedAsian True Copy of the current of

Good Standing from CDA, effective on the date of application. No application for exemption will be processed in the absence thereof or submission of an expired Certificate of Good Standing; and 4. Certified True Copy of Latest financial statements of the immediately preceding year duly audited by a BIR accredited independent CPA.

RMO 76-2010 Renewal of CTE B. For the Renewal of CTE A cooperative shall likewise submit a duly Asian Institute of accomplished Application BIR Form No. 1945, with Asian Institute ofTaxation Taxation “Annex "A", together with the ff documents to the concerned RDO: 1. Certified True Copy of the COR issued by the CDA under the new Cooperative Code; 2. Certified True Copy of the Latest Articles of Cooperation and the Latest By-Laws of the Cooperative;

RMO 76-2010 Processing of CTE Processing of Request for Issuance of CTE Asian A. Application and Institute Pre-Evaluation byTaxation the RDO Asian Instituteof of Taxation 1. The cooperatives are required to surrender their Old BIR Certificate of Registration and submit an Application of Update of BIR Registration with the RDO where they are originally registered. 2. The cooperative must submit also to the RDO where they are registered a duly accomplished BIR Form No. 1945 with all the requisite documents.

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RMO 76-2010 Processing of CTE

RMO 76-2010 Processing of CTE Application and Pre-Evaluation by the RDO (Cont’d)

Processing of Request for Issuance of CTE Asian Institute of Institute ofTaxation Taxation B. Application Asian and Pre-Evaluation by the RDO (Cont’d)


3. The RDO or his designated Revenue Officer of the Day must pre-evaluate the cooperative's submission using Preevaluation Sheet of Revenue Officer. 4. Endorsement to the Regional Director:

RMO 76-2010 Processing of CTE


Review and Approval of Certificates by the Reg Director


Asian Institute ofand Taxation 1. The Chief, Legal Division shall review evaluate the RDO's report, and if in order, prepare the appropriate CTE (For Cooperatives registered under RA No. 9520) 2. The CTE shall be forwarded to the Reg Director his signature.

Asian Institute Taxation If the cooperative's submissions are inof order and in compliance with this RMO, the RO of the Day shall prepare a Memo Indorsement Form to the Reg Director recommending issuance of CTE. The entire docket, with the necessary preevaluation sheet and endorsement letter report, shall be transmitted within 5 working days from the filing of the duly accomplished BIR Form No. 1945 accompanied by the required documentary requirements to the Office of the Reg Director, through The Chief, Legal Division.

for

For the Original Issuance of CTE A cooperative shall submit duly accomplished BIR Form No. of 1945 togetherAsian with theInstitute ff to the concerned RDO: Asian Institute ofTaxation Taxation 1.Certified True Copies of the Articles of Cooperation and By-Laws, as certified by CDA; 2.Certified True Copy of the new Certificate of Registration issued by the CDA under the new Cooperative Code, as certified by the CDA; 3.Certified True Copy of the current Certificate of date Good Standing issued by the CDA effective on of application; and

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RMC 81-2010 Application for CTE

Asian Institute of Clarification on the Documentary for the Asian InstituteRequirements ofTaxation Taxation Application for Certificate of Tax Exemption for Cooperatives (BIR Form No. 1945) Pursuant to Revenue Memorandum Order No. 76-2010 Dated September 28, 2010

RMC 54-2016 CDA Certificate of Compliance

Asian Institute of Asian Institute ofTaxation Taxation Circularizing the Guidelines Governing the Issuance of Certificate of Compliance, in lieu of Certificate of Good Standing, Pursuant to Cooperative Development Authority (CDA) Memorandum Circular (MC) No. 201508 Series of 2015

RMC 81-2010 Application for CTE RMO No. 76-2010 dated Sept 28, 2010 was issued to prescribe the policies and guidelines for the issuance of Asian Institute of CTE for registered RA No. 9520. AsianCooperatives Instituteunder ofTaxation Taxation . In compliance with the submission of the additional requirement mentioned in Section 5 (A) of RMO. 762010, this Circular is issued to allow the submission of the Certified Photocopy of the List of Cooperative Members with their Respective Capital Contributions submitted by the cooperatives in obtaining their Certificate of Confirmation of New Registration and CGS with the CDA.

RMC 54-2016 CDA Certificate of Compliance Per CDA Memo No. 2015- 08


Certificate of Compliance refers to the certificate, in lieu of the then Certificate of Good Standing , issued to all types of cooperatives after compliance with the rules of the Authority.

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RMC 54-2016 CDA Certificate of Compliance A COC shall be issued once a year for ff purposes: 1. To affirm the cooperative's compliance with the Asian Institute of CAPR and its attachments as prescribed by RA 9520, its Asian Institute ofTaxation Taxation Revised IRR, and other related issuances; 2. To avail of the incentives and privileges set forth by the CDA-BIR Joint RR Implementing Articles 60 and 61 of RA 9520 in relation to RA 8424; 3. To secure permits and licenses prescribed under the provisions of the Local Government Code of 1991; 4. To comply with the documentary requirements prescribed by the financial institution in availing financial assistance;

RMC 102-2016 On TIN Requirement RMO 076-2010 requires, for the issuance of the CTE, that cooperatives submit, among others, an Original Asian Institute of Taxation Asianunder Institute Copy of Certification Oath of of the Taxation List of Cooperative Members with their respective TIN and their capital contributions, prepared by authorized official of the Cooperative. The above requirement has been relaxed by RMC No. 81-2010 which allowed, in lieu thereof, the submission of Certified Photocopy of the List of Cooperative Members with their Respective Capital Contributions.

RMC 102-2016 On TIN Requirement

Clarification Asian on the Requirement Taxpayer Instituteofof ofTaxation Taxation Identification Asian Number Institute (TIN) for Members of Cooperatives Applying for Certificate of Tax Exemption (CTE) under Revenue Memorandum Order (RMO) No. 76-2010 and Revenue Memorandum Circular (RMC) No. 81-2010

RMC 102-2016 On TIN Requirement Processing and Issuance of CTE The concerned (RDOs shall allow the processing and Asian of issuance/revalidation of CTEs of qualified cooperatives AsianInstitute Institute ofTaxation Taxation which do not have yet the TIN of members, provided that they submit, in lieu thereof, an original copy of Certification under oath of the list of cooperative members, with their full name and capital contribution. Cooperatives shall file the application for CTE using the duly accomplished BIR Form 1945 (revised Oct 2016 attached hereto as Annex "A", and submit other documentary requirements set forth under Section 5 (A) or (B) of RMO No. 76-2010, as the case may be.

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RMC 102-2016 On TIN Requirement Processing and Issuance of CTE


The concerned RDOs shall not deny or put on hold the processing and issuance of the CTE solely on the basis of the non-submission of the TIN of the cooperative members. It is clarified, however, that cooperatives, which have been granted with CTE under the preceding paragraph, are still required to complete and submit to the concerned RDO the required TINs of their members within six (6) months from the issuance of the CTE.

RMC 102-2016 On TIN Requirement Processing and Issuance of TIN


In order to assist its members in securing TIN, the cooperative, with proper authorization from the members, may apply for the issuance of TIN in behalf of its members, by collating the duly accomplished BIR Form 1904 of the members and valid identifications in support thereof, which shall be submitted to the concerned RDO for the processing and issuance of the TIN.

RMC 102-2016 On TIN Requirement Processing and Issuance of TIN The documentary requirements for the application of TIN Institute have alreadyAsian been reduced underof RMC No. 93-2016 in Asian Institute ofTaxation Taxation order to facilitate the issuance of TIN to those in marginalized sectors, including members of cooperatives. A person who is not employed or engaged in business or practice of profession, may apply for a TIN by filing the duly accomplished BIR Form 1904 (attached hereto as Annex "B"), together with a photocopy of any identification issued by an authorized government body which shows the name, address and birthdate of the person.

RMC 102-2016 On TIN Requirement

RevocationAsian of CTE Institute Asian Instituteof ofTaxation Taxation The non-submission by the cooperatives of the members' TIN requirement within six (6) months from the issuance of the CTE shall be a ground for the revocation of the CTE, in addition to those set forth under Section 8 of RMO No. 76-2010.

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RMC 18-2017 On Service Cooperatives

BIR Memo 8-2017 Signed by DCIR Jesus Clint Aranas

Asian Institute of For the information and guidance of internal revenue Asian Institute ofallTaxation Taxation officials, employees and others concerned, attached as Annex "A" hereof is the copy of Memorandum No. 0082017 dated February 24, 2017 regarding the issuance of Certificate of Tax Exemption (CTE) to Service Cooperatives.

This has reference toInstitute the Memorandum dated Feb 24, Asian Taxation Asian Instituteof ofdirecting Taxation 2015 by CIR Kim S. Jacinto-Henares all RDs, Regional Legal Divisions, RDOs and other Revenue Officials, Employees and others concerned to refrain from issuing CTE to cooperatives not specifically identified under RA No. 9520 such as labor contracting, professionals, construction, mining and other cooperatives similarly created.



The Bureau also issued RMC No. 12-2012 which circularized the instruction of the CDA to its Regional Asian Institute of Taxation Asian Institute Directors to refrain from registeringof theTaxation cooperatives (i.e., as labor contracting, professional, construction, mining and other cooperatives similarly created) and conduct inspection/examination and/or investigation and to verify complaints that the cooperatives previously registered were used as tax shield which could be considered as fraudulently registered, one of the grounds for cancellation and revocation of Certificate of Registration.

The affected cooperatives, however, posit that Article 23 of RA No. 9520, specifically includes a definition of Asian service cooperative follows: of AsianasInstitute Institute ofTaxation Taxation "Art. 23. Type and Categories of Cooperatives. — Types of Cooperatives — Cooperatives may fall under any of the following types: (a) x x x xxx xxx xxx (e) Service Cooperative is one which engages in medical and dental care, hospitalization, transportation, insurance, housing, labor, electric light and power, communication, professional and other services;

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BIR Memo 8-2017 Signed by DCIR Jesus Clint Aranas Aside from the service cooperatives, other cooperatives not specifically defined under the afore-quoted provision of may also be Asian registered as determined by the CDA. AsianInstitute Institute ofTaxation Taxation Moreover, RA 9520 expressly provides that any doubt in the interpretation and construction of said law should be resolved liberally in favor of the cooperatives, thus: "ART. 142. Interpretation and Construction. — In case of doubt as to the meaning of any provision of his Code or the regulations issued in pursuance thereof, the same shall be resolved liberally in favor of the cooperatives and their members."


Institute Accordingly, Asian service that fully comply with Asiancooperatives Instituteof ofTaxation Taxation the guidelines of the CDA may be given tax exemption certificates provided that they also submit the documents required by the BIR under Revenue Memorandum Order (RMO) No. 76-2010 (Prescribing the Policies and Guidelines in the Issuance of Certificate of Tax Exemption of Cooperatives and the Monitoring Thereof) dated September 27, 2010.


It is our position that service cooperatives must not be Asian Institute of Taxation Asian oftax Taxation totally prohibited from Institute availing of the incentives provided under RA 9520 provided that they are duly registered with the CDA and have been issued Certificates of Good Standing to show that they are bona fide cooperatives falling under RA 9520. Provided, however, that these cooperatives will be subject to post audit verification to check on whether they are just being used as a tax shield to avoid or evade payment of taxes.

The TRAIN Law

08/08/2018

GOOD OR BAD

GOOD OR BAD

1. Lowering of graduated income rates for individuals

6. Increase of the VAT Threshold to P3,000,000

2. Option of 8% in lieu of graduated income tax and percentage tax under Section 116 for Non-VAT TP

7. Exempting Condo and HA Association dues fr VAT 8. Exempting hypertension/diabetes medicines fr. VAT

3. Repeal of Section on personal/additional exemptions 9. Increase of exempt residential rental to P15,000 4. Exemption from tax of 1 st P250,000 compensation income and purely self-employed income

10. Residential lot reduced from P1,919,200 to P1.5M

5. Gross Benefits Exclusions from P82,000 to P90,000

11. Residential H & L reduced from P3,919,200 to P2.5M

GOOD OR BAD 12. Excise Tax on Sweetened Beverages 13. Excise Tax on Invasive Procedure 14. Quarterly payment of Percentage Taxes

GOOD OR BAD 15. EWT for Professionals with P3M or less Gross PF reduced to 5% or 10% as the case may be 16. Reduction of Estate Tax from graduated to 6% 17. Reduction of Donor’s Tax from graduated to 6%

st

15. Change filing of 1 Quarterly ITR fr Apr 15 to May 15 16. Interest at double the legal interest rate for loans 17. Increasing of Threshold for audit to P3,000,000

18. Increase of Standard Deduction for estate to P5M 19. Increase of family home for estate tax to P10M 20. 12-page ITR has been reduced to only 4 pages.

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Income Taxation

Income Tax System in the Philippines Income Tax System

Business Income Professional Income Rental of properties Compensation Income Commission Transportation Allowance Representation Allowance Director’s Fees All income subject to Creditable Withholding Tax All income not subjected to CWT and FWT

Classification of Individuals For Income Tax Purposes 1. Employee

2. Self-Employed

Under an employer-employee relationship

Purely in business/ private practice

3. Mixed Income

Schedular Tax System

Interest Income Sale of Shares of Stocks Sale of Real properties Dividend Income Royalties Prizes Winnings Pensions Fringe Benefits All Income subject to Final Withholding Tax(FWT)

Classification of Employees For Income tax Purposes

Minimum Wage Earners

Employee and self-employed business/ private practice at the same time

Global Tax System

Rank & File Employees

Supervisor, Manager & Up.

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Classification of Self-Employed For Income Tax Purposes

With Sales/Gross Receipts Of Php3M & below

With Sales/Gross Receipts Of Over Php3M

Classification of Mixed Income Taxpayers

Self-Employed Professionals

Opting to pay 8% in lieu of income and % tax

Paying income tax based on graduated rates

Claiming Optional Standard Deduction

Claiming Itemized Deduction

Sec 24 Income Tax Rates as amended by TRAIN 2018-20122 2023-onwards

Compensation income plus Gross Sales/Receipts Php3M & below

Compensation Income plus Gross Sales/Receipts Over Php3M

250,000 & below Over 250,000 to 400,000 Over 400,000 to 800,000 Over 800,000 to 2,000,000 Over 2,000,000 to 8,000,000 Over 8,000,000

0% 20% 25% 30% 32% 35%

0% 15% 20% 25% 32% 35%

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Income Tax System in the Philippines

Sec 24 Income Tax Rates TRAIN vs Old Rates TRAIN Law 250,000 & below Over 250,000 to 400,000 Over 400,000 to 800,000 Over 800,000 to 2,000,000 Over 2,000,000 to 8,000,000 Over 8,000,000

Income Tax System

OLD Law

0% 20% 25% 30% 32% 35%

Employees

5%-25% 30% 30%-32% 32% 32% 32%


Global Tax System

Rules on Income Tax for Employee Income is subject to withholding tax on compensation based on the schedular rate under Sec. 24(A)(2)(a). The employer is required to issue Form 2316 to the employee reflecting the income (both taxable and non-taxable) and the tax withheld.

Minimum Wage Earners

Rank & File Employees

Supervisor, Manager & Up.

No need to file Form 1700 if Working for just one employer. Need to file Form 1700 if working for two or more Employers.

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Formula for Employee Working for one employer

Formula for Employee Working for two or more employers

: Gross Compensation Exclude: non-taxable benefits Less: Mandatory Contributions Equals: Taxable Compensation Income Multiplied by the Tax Rates under Section 24(A)(2)(a) Equals: Tax due Less: W-Tax on Compensation Equals: Tax payable or refundable

Equals: Tax due Less: W-Tax on Compensation Equals: Tax payable or refundable

Rules on Income Tax for Self-Employed

Self-Employed

With Sales/Gross Receipts Of Php3M & below

Gross Compensation from all employers Exclude: non-taxable benefits Less: Mandatory Contributions Equals Taxable Compensation Income Multiplied by the Tax Rates under Section 24(A)(2)(a)

With Sales/Gross Receipts Of Over Php3M

For purely self-employed and/or professionals whose gross sales/receipt and other non-operating income do not exceed P3M, the tax shall be, at the taxpayer’s option, either: on gross sales or gross receipts in excess of P250,000 in lieu of the graduated income tax rates and the ; Income tax based on the graduated income tax rates for individuals under Sec 24

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Rules on Income Tax for Self-Employed -

Formula for 8% Self-employed P3M or <

Professional Fee is subject to Creditable Withholding Tax (CWT) of 8% if paid by W-Tax Agents. Receives Certificate of Creditable Tax Withheld at Source (Form 2307 ) from W-Tax Agents Files Form 1701Q during the 1st three quarters and final ITR Form 1701 for the entire year.

Formula for Graduated Rates Self-employed > P3M

Gross Sales/Receipts Less: P250,000 Net Amount Taxable Multiply by 8% Equals: Tax Due Less: Creditable W-Tax Balance – Payable or Refundable

Mixed Income Taxpayers

Gross Sales/Receipts Less: Cost of Sales/Service Gross income Less: Allowable Deductions Equals: Net taxable income Multiplied by applicable rate (graduated) Income tax due Less: Creditable W-Tax Balance – Payable or Refundable

Compensation income plus Gross Sales/Receipts Php3M & below

Compensation Income plus Gross Sales/Receipts Over Php3M

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Rules on Income Tax for Mixed Income

Rules on Income Tax for Mixed Income P3M>

1. The compensation income shall be subject to the tax rates prescribed under Section 24(A)(2)(a) of the Tax Code, as amended; AND

The compensation income and the professional income as wells as other non-operating income shall be subject to the graduated income tax rates prescribed under Sec 24 of the NIRC, as amended.

2.The income from business or practice of profession shall be subject to either 8% income tax or graduated rates, depending on the amount of Gross Receipts

Rules on Income Tax for Mixed Income P3M&<

Rules on Income Tax for Mixed Income Professionals P3M&< The total tax due shall be the sum of:

lf the gross professional fee and other non-operating income do not exceed P3M, options are: a. Graduated income tax rates shall apply compensation income under Sec 24(A)(2)(a); And b. 8% income tax rate on gross receipts in lieu of graduated income tax rates and % tax under Sec 116 of the NIRC.

lf the gross professional fee and other non-operating income exceeds P3M there is no option:

to

(1) tax due from compensation, computed using the graduated income tax rates; and (2) tax due from self-employment/practice of profession, resulting from the multiplication of the 8% income tax rate with the total of the gross sales/receipts and other non-operating income.

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Income Tax Formula for Mixed Income P3M & < Gross Compensation Exclude: non-taxable benefits Less: Mandatory Contributions Multiplied by the Tax Rates under Section 24(A)(2)(a) Opted for 8% Gross Receipts/Sales Net Amount Taxable Multiply by 8% Equals: Tax Due Less: W-Tax on Compensation and Creditable W-Tax Equals: Payable or Refundable

Income Tax System in the Philippines Income Tax System


Global Tax System

Income Tax Formula for Mixed Income >P3M Gross Sales/Receipts Less: Cost of Sales/Service Gross Profit Less: Deductions Net Income from business Plus: Compensation Income Equals: Net taxable income Multiplied by graduated rates Income tax due Less: W-Tax on Compensation and Creditable W-Tax Balance – Payable or Refundable

Income Subject to Final Income Tax in the Philippines Income Tax System


Interest Income Sale of Shares of Stocks Sale of Real properties Dividend Income Royalties Prizes Winnings Pensions Fringe Benefits All Income subject to Final Withholding Tax(FWT)


Interest Income Dividend Income Royalties Prizes Winnings Pensions Fringe Benefits Sale of Shares of Stocks Sale of Real properties All Income subject to Final Withholding Tax(FWT)

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Passive Income Subject to Final Tax Section 3 (E) of RR 8-2018 1. interests from any currency bank deposit a - 20 %; 2. Interest income received by an individual taxpayer from a depository bank under the expanded foreign currency deposit system – 15% 3. Proceeds of pre-terminated long-term deposit or investment in the form of savings, trust funds, deposit substitutes, investment management accounts and other investments as prescribed by the BSP –the final tax shall be based on the remaining maturity: Four (4) years but less than five (5) years – 5% Three (3) years but less than four (4) years – 12%; Less than three (3) Years – 20%

Q&A RMC 50-2018

Passive Income Subject to Final Tax Section 3 (E) of RR 8-2018 4. Royalties (except royalties on books and other literary works and musical compositions) - 20% 5. Royalties on books and other literary works and musical compositions – 10% 6. Prizes (except prizes amounting to P 10,000 or less)- 20% 7. Winnings (except Philippine charity Sweepstakes and Lotto winnings amounting to P 10.000 or less) -20% 8. Cash and Property Dividends – 10% 9. Capital Gains from Sale of Shares of Stocks not Traded in the Stock Exchange - 15%; 10. Capital Gains on of Real Property located in the Philippines-6%.

Q&A RMC 50-2018

Q4. De Minimis Benefits:

Q 5. De Minimis Benefits:

Medical Cash Allowance to dependents of employees – P1,500 per semester or P250/month Rice Subsidy – P2,000 Uniform and Clothing allowance - P6,000

In excess of allowed amounts shall be allowed as prt of “Other Benefits” up to P90,000 limit.

08/08/2018

Q&A RMC 50-2018

Q 6 Incentives given to employees: In general any incentives given to employees shall form part of the compensation subject to income tax, unless specifically exempted under special lw or incentives in the nature of “de minimis” benefits

Q&A RMC 50-2018

Q 19 How can one avail of 8% in lieu of graduated? The option to avail of the 8% income tax rate must be signified annually, on or before May 15. Such election is irrevocable within the year unless the gross sales/receipts for the year exceeds P3M in which case, the taxpayer automatically become subject to graduated.

Q&A RMC 50-2018

Q 16 Who are not entitled to 8% Income Tax rate 1. Purely compensation income earners 2. VAT registered taxpayers 3. Non-VAT whose grsoss receipts/sales exceeded P3M 4. Taxpayers subject to percnetgae tax unde rTitle V 5. Partners of GPPs 6. Individuals enjoying income tax exemptions like BMBEs

Q&A RMC 50-2018

Q 26 Are returnable deposits or deposits held in trust, like security deposits under lease agreements part of definition of gross receipts? In general, all deposits ras taxable except returnable deposits or deposits held in trust and recorded as liability are excluded.

08/08/2018

Q&A RMC 50-2018

Q&A RMC 50-2018 Q 28 What are the applicable withholding taxes for individual under a contract of service or job order arrangement considered self-employed?

Q 28 Is an individual under a contract of service or job order arrangement considered self-employed? Yes.

Hired by Public or Govt Sector – withhold income and business tax. However, if earning P250,000 from one single payee – exempt from income tax upon submission of Annex B-2 under Rr 11-2018 together with the copy of the COR and percentage tax if employee signified tohe option to avail of 8% income tax regime

Q&A RMC 50-2018 Q 28 What are the applicable withholding taxes for individual under a contract of service or job order arrangement considered self-employed? Hired by Private Sector – withhold income tax on ly. However, if earning P250,000 from one single payee – exempt from income tax upon submission of Annex B-2 under RR 11-2018 together with the copy of the COR

Q&A RMC 50-2018

Q 53 Are those availing of 8% income tax rate required to file FSs when filing ITR? No.

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Business Taxation

Q&A RMC 50-2018

Q 54 If a professional or self-employed did not avail of 8% and opt for the graduated rates table but claimed OSD, can he be exempt form FS submission? Yes

VAT Taxpayers

Classification of Taxpayers For Business Tax Purposes

VAT TP

Self-employed

12%

VAT TP Gross Sales/ Receipts is over P3M Per 12-month (Sec 106/108)

Non-VAT TP Gross Sales/ Receipts P3M and below Per 12-month (Sec 116)

Sale to Govt

0%

Sale to Private

Automa tic zerorating

Effective ly zerotrating

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Non-VAT Taxpayers NonVAT TP (109) a. agri/marine FP b.fertilizers c.d settling -personal effects

Exempt TP (109)

Percent age TP 116-127

116 3% Seller P3M

Sale of Goods Section 106

This section applies to sale of goods.

117 3% Common Carriers

E, f. % taxpayers/ACG

118 3% Int’l Carriers

g.h. medical etc/edu services

119 3%/2% Franchises

i.j. employees/RAH multi-N

120 10% Overseas Dispatch

k.l.int’l agree/agricoop

121 0-7% Banks and NBFI

m.n.creditmultipother Coop

122 1-5% Other NBFI

o.p. export/real properties

123 5% Life Ins Premiums

q.r. leases/books

124 10% Agents Foreign Ins

s.t. cargo V/fuel in’tl ship/air

125 10-30% Amusement Tax

U,V. Int’l fuel/banks, NBFI

Y,zAsso condo dues/BSP

126 4-10% Tax on Winnings

w,xSC/PWD/Sec40©(2)

AA/BB medicines/P3M or <

127 ½ of 1% S of S LSE

Sale of Services Section 108

This Section applies to sale of services which covers all kinds of professional services. The taxable base is actual collections. Uncollected billings for services rendered are not subject to VAT until collected.

Sale of goods by professionals (i.e. medicines and vaccines for doctors) are subject to 12% VAT and to be combined with the professional services in computing the threshold of P3M. The taxable base for goods is the selling price upon delivery whether paid in cash or on account.

Exempt Sale of Goods and Services Section 109

This Section provides the list of all goods and services exempt from Value added tax from letter “A” to letter “BB”.

08/08/2018

VAT Threshold Section 109 (BB)

VAT Threshold – refers to the ceiling set to determine VAT registrable taxpayers, currently set at P3M. It is the same threshold to be used to determine the income tax liability of self – employed and/or professionals under Sections 24(A)(2)(b) and 24(A)(2)(c)(2) of the Tax Code, as amended.

Gross Sales RR 8-2018 Section 2(h)

Refers to the total sales transactions net of VAT, if applicable, reported during the period, without any other deduction. However, gross sales subject to the 8% income tax rate option shall be net of the following deductions:

Gross Sales RR 8-2018 Section 2(h)

Gross Receipts RR 8-2018 Section 2(g)

1. Sales returns and allowances for which a proper credit or refund was made during the month or quarter to the buyer for sales previously recorded as taxable sales; and

Refers to the total amount of money or its equivalent representing the contract price, compensation, service fee, rental or royalty, including the amount charged for materials supplied with the services, and deposits and advance payments actually or constructively received during the taxable period for the services performed or to be performed for another person, except returnable security deposits.

2. Discounts determined and granted at the time of sale, which are expressly indicated in the invoice, the amount thereof forming part of the gross sales duly recorded in the books of accounts. Discounts indicated in the invoice at the time of sale, the grant of which is not dependent upon the happening of a future event, may be excluded from the gross sales within the same month/quarter it was given.

In the case of VAT taxpayer, this shall exclude the VAT component.

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Gross Receipts of Professionals VAT or 3%

1. 2. 3. 4. 5. 6. 7. 8. 9.

Professional Fee from clients/patients Retainer Fees Consultation Fees Management Fees Honorarium Talent fees Commission and service fees Bookkeeping fees Payments from PHIC and HMOs by Doctors

Exempt Sale of Goods and Services RR 13-2018 Section 109


w. Sale or lease of goods and services to senior citizens and persons with disabilities, as provided under Republic Act Nos. 9994 (Expanded Senior Citizens Act of 2010) and 10754 (An Act Expanding the Benefits and Privileges of Persons with Disability), respectively;


x. Transfer of Property pursuant to Section 40(C)(2) of the Tax Code, as amended;

(z)

Sale of gold to the Bangko Sentral ng Pilipinas;

(y) Association dues, membership fees, and other assessments and charges collected on a purely reimbursement basis by homeowners' associations and condominium corporations established under Republic Act No. 9904 (Magna Carta for Homeowners and Homeowners' Association) and Republic Act No. 4726 (The Condominium Act), respectively;

(aa) Sale of drugs and medicines prescribed for diabetes, high cholesterol, and hypertension to beginning January 1, 2019 as determined by the Department of Health; and

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Withholding Taxes


(bb) Sale or lease of goods or properties or the performance of services other than the transactions mentioned in the preceding paragraphs, the gross annual sales and/or receipts do not exceed the amount of Three Million Pesos (P3,000,000.00).

Withholding Taxes on Income

Kinds of Withholding Taxes WT Payor

Income Tax

WT on Wages

On Income Payment:

FWT on Fringe Benefit

Creditable Final

Payee

Business Tax

5% FVW 12% FVW

E mp lo ye r

B/ P, G O, NS NP

B/ P, G O

Compensation Income Earners

Business Owners/ Professionals

Passive Income Earners

Individuals

Individuals Corporations Partnerships

Individuals Corporations Partnerships

Individuals Corporations (ITH, BMBE)

Creditable Withholding Tax

Final Withholding Tax

Not applicable

% Tax Withhol ding

Kind f W-Tax

Withholding tax on compensation

No EW T

Exempt Income Earners

08/08/2018

Withholding Tax on VAT & % Tax

Payor

Payee

Government

Business Owners/ Professionals On sale of goods and services to government

5% FVW

3% or applicable rates

B/P/GO/NSNP

Non-Residents on sale of Service to B/P, NSNP, Government

12% FVW

Ewt or CWT RR 11-2018 1. Professional fees, talent fees, etc. for services rendered — On the gross professional, promotional, and talent fees or any other form of remuneration for the services rendered by the following: Non-individual payee: If gross income for the current year did not exceed P720,000 Ten percent (10%) If gross income exceeds P720,000 Fifteen percent (15%)

Ewt or CWT RR 11-2018 1. Professional fees, talent fees, etc. for services rendered — On the gross professional, promotional, and talent fees or any other form of remuneration for the services rendered by the following: Individual payee: If gross income for the current year did not exceed P3M Five percent (5%) If gross income is more than P3M -Ten percent (10%)

Ewt or CWT RR 11-2018 Income Payments to certain brokers and agents [formerly under letter (G)] — on gross commissions of customs, insurance, stock, immigration and commercial brokers, fees of agents of professional entertainers and real estate service practitioners (RESPs), (i.e., real estate consultants, real estate appraisers and real estate brokers) who failed or did not take up the licensure examination given by and not registered with the Real Estate Service under the Professional Regulations Commission; 5%/10%

08/08/2018

Ewt or CWT RR 11-2018

Commissions of independent and/or exclusive sales representatives, and marketing agents of companies [formerly under letter (O)]; -5%/10%

Ewt or CWT RR 11-2018 Income payments, except any single purchase which is P10,000 and below, which are made by a government office, national or local, including barangays, or their attached agencies or bodies, and government owned or controlled corporations, on their purchases of goods and purchases of services from local/resident suppliers: Supplier of goods — One percent (1%) Supplier of services — Two percent (2%)

Ewt or CWT RR 11-2018

Income payment made by top withholding agents, either private corporations or individuals to their local/resident supplier of goods/services, including non-resident aliens engaged in trade or business in the Philippines, shall be subjected to the following withholding tax rates: ITAaHc Supplier of goods — One percent (1%) Supplier of services — Two percent (2%)

Top TWA RMO 26-2018 dated May 24, 2018 Prescribes the new guidelines in the inclusion and deletion of TWA for purposes of withholding on local purchases of goods and services at 1% and 2%, respectively. 1. TWA includes duly-notified Medium Taxpayers (MT) and taxpayers with issued Taxpayer Account Management Program (TAMP). 2. TWA includes existing Large Taxpayers (LT), Top 20,000 Private Corporations, and Top 5,000 Individual Taxpayers s

08/08/2018

Top TWA RMO 26-2018 dated May 24, 2018 Prescribes the new guidelines in the inclusion and deletion of TWA for purposes of withholding on local purchases of goods and services at 1% and 2%, respectively. 1. TWA includes duly-notified Medium Taxpayers (MT) and taxpayers with issued Taxpayer Account Management Program (TAMP). 2. TWA includes existing Large Taxpayers (LT), Top 20,000 Private Corporations, and Top 5,000 Individual Taxpayers s

Top TWA RMO 26-2018 dated May 24, 2018

3. The approved list shall be publicized not later than every June 15 and December 15. Publication is already considered sufficient notice to the TWA. 4. After publication, withholding shall commence on July 1 and January 1 of each calendar year.

Top TWA RMO 26-2018 dated May 24, 2018 1. RDOs and LT offices shall submit a list of taxpayers recommended for inclusion and deletion on a semestral basis, not later than every April 30 and October 31. 2. Further evaluation shall be conducted not later than every May 31 and November 31, for approval of the Commissioner. Failure to submit on or before June 30, 2018 gives rise to the presumption that the existing lists are still valid.

Other Updates

08/08/2018

New Invoicing Requirements RR 16-2018 amended RR 10-2015

The BIR has finally allowed businesses to have the option to use the type of paper depending on their business requirements, subject to the retention and preservation of accounting records.

The New Invoicing Requirements RR 16-2018 amended RR 10-2015

Buyers who are in need of a manual invoice or receipt, to be able to claim for an expense (for income tax purposes) or input tax (for VAT purposes), they may need to return the issued tape receipt and request for a manual invoice or receipt from the seller.

The New Invoicing Requirements RR 16-2018 amended RR 10-2015

In addition to the usual required information to be indicated in the Official Receipt (OR)/ Sales lnvoice (SI), the regulation requires the serial number of the CRM/POS machine to be shown as well.

The New Invoicing Requirements RR 16-2018 amended RR 10-2015 The returned tape receipt shall be attached to the duplicate copy of the manually-issued invoice or receipt and shall be the basis in adjusting the seller’s amount of sales in the CRM sales book report. The amount of the sale for which a manual invoice or receipt was issued shall be separately indicated in the Summary List of Sales (SLS) required to be submitted by VAT- registered taxpayers to the BIR.

08/08/2018

Penalties/Additions to the Tax

1. 25% Surcharge 2. interest per annum - double the legal interest rate for loans 3. Compromise penalty (Refer to RMO 7-2015) In case of willful neglect to file the return on time or false /fraudulent return, 25% surcharge will become 50%.

Penalties and Interest RMC 54-2018

An amendment of a return where an a dditional tax is due per amended return, 25% penalty and 12% interest per annum until a new interest rate shall be prescribed by the BSP

Penalties and Interest RMC 54-2018

BSP Circular 799 Series of 2013 states that: The rate of interest for the loan or forbearance of any money, goods or credits in the absence of any express contract as to such rate of interest shall be six per cent (6% ) per annum

Ease of Doing Business

08/08/2018

EASE OF DOING BUSINESS RMC 56-2018 dated June 26, 2018

World Bank Survey 2016-2017 Ease of Doing Business Index Circularized R.A. No. 11032 otherwise known as the “Ease of Doing Business and Efficient Government Service Delivery Act of 2018”.

Ease of Doing Business in ASEAN 2016

2 Singapore 23 Malaysia 46 Thailand 72 Brunei D 82 Vietnam 91 Indonesia 99 Philippines 131 Cambodia 139 Lao PDR 170 Myanmar

Ease of Doing Business in ASEAN 2017

2 2 Singapore 24 Malaysia 23 46 26 Thailand 72 56 Brunei D 82 68 Vietnam 72 Indonesia 91 99 113 Philippines 135 Cambodia 131 136 141 Lao PDR 170 171 Myanmar

08/08/2018

Ease in Doing Business in the Phil Historical updated May 2018

Realities in Starting a Business It takes an average of: .       

3 procedures & 2 & 1/2 days 3 procedures & 6 days 4 procedures & 17 & 1/2days 10 procedures & 34 days – 16 procedures & 34 days 10 procedures & 48 days 6 procedures & 92 days -

Singapore Malaysia Thailand Vietnam Philippines Indonesia Laos

2015 FIGURES

MOU for Ease in Doing Business RMC 32-2015 dated June 8, 2015 DOF, DTI,DILG, QC-LGU,BIR, SEC, SSS,PHIC, HMDF, and National Competitive Council signed an MOU to improve business regulations among 10 indicators: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and resol ving insolvency. Reducing steps from 16 to 8 steps; and completing registration from 34 days to 8 days.

EASE OF DOING BUSINESS RMC 56-2018 dated June 26, 2018 Circularized R.A. No. 11032 otherwise known as the “Ease of Doing Business and Efficient Government Service Delivery Act of 2018”. 1. Law applies to all government offices including Local Government Units, Government-Owned & Controlled Corporations, and government instrumentalities, whether located in the Philippines or abroad.

08/08/2018



ALL OFFICES ARE REQUIRED TO: 2.1 Perform re-engineering of systems and procedures to reduce bureaucratic red tape and processing time. Feedback mechanism shall also be incorporated which shall the basis of awards and recognition for excellent delivery of services 2.2 Come up with Citizen’s Charter which shall be made known to the public


ALL OFFICES ARE REQUIRED TO: 2.3 Observe zero-contact policy once web-based software is formulated by the DICT which shall also be responsible in operating and maintaining Central Business Portal and serve as the central system capable of linking online registration and application systems established by National Government Agencies. DICT shall also devise Philippine Business Databank (PBD) which shall serve as repository of records already

EASE OF DOING BUSINESS RMC 56-2018 dated June 26, 2018 ALL OFFICES ARE REQUIRED TO:

ALL OFFICES ARE REQUIRED TO: 2.4 Be accountable through its respective heads, with presumption that all transactions and processes are released with their approval 2.5 Act within the prescribed processing time stated in the Citizen’s Charter, with the corresponding penalties and liabilities for non-compliance. Formal notification should be sent in case of approval, justified inaction, disapproval or denial. Otherwise, automatic approval or automatic extension

2.6 Streamline procedures for the issuance of local business permits and licenses by establishing a single or unified business application through one-stop business facilitation service

08/08/2018

Good News!

Audit Experience

PRC Rapid Assessment

Asian Institute of Taxation The Professional Regulations Commission conducted a Rapid Assessment of all professions on its readiness for the 2015 ASEAN Economic Community launching through an Australian Consultant Jane BrakeBrockman. In her June 26, 2012 report, her conclusion:

Philippines is globally competitive in the Accountancy profession except for the derailed implementation of the QAR.

What’s right? What’s wrong?


Know your legal references

Knowing what’s right and what’s wrong will build up your confidence

Nervous


08/08/2018

Scared


Sad


Worried


Angry


08/08/2018

Very, very angry


Felt sick after


Felt like boxing someone


Felt like crying after


Impact of the TRAIN Law by PICPA Taxation CPALE

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