[LAW SCHOOL PHILIPPINES] What to Expect in Law School - Income Taxation under the TRAIN Law Part 1

Taxation is one of the most difficult subjects in law school in the Philippines because most of us in law school are not accountants. Lahat ng libro natin sa Taxation ay gawa ng mga CPA. Ang paraan ng kanilang pagpapaliwanag ay mula sa pananaw ng isang CPA. Doon naman din tayo nagkaka-walaan, kapatid. Dito na tayo nahihirapan, dito na tayo naliligaw at kadalasan, dito na rin tayo tinatamad mag-aral.

Taxation 1 is part of Taxation, the second subject in the second Sunday of the bar. In one of our earlier episodes, I’ve mentioned that as a general rule, professors will not fail a student because of some whimsical, capricious and arbitrary reason. Professors will only flunk a student if and only if the student gives his or her express or implied consent.

Babagsak ka lang kasi ginusto mong bumagsak – kung sasagot ka ng sobrang hula moves na sagot, sa isang tanong na sobrang basic lang. Implied ang consent mong bumagsak kung hindi ka nagpapasok, or for whatever reason, papasok ka ng walang alam.

In this two-part episode, I’ll be sharing with you my Income Taxation Cheat Sheet. I’ll explain to you my methods for answering the basic questions on Taxation, what books to read and what concepts you have to be solid on.

Here’s what to expect in law school for Taxation 1.

*********************
Support the Lex in Motion Community through the official merch store. Wear the perks and perils of being a law student in the Philippines loud and proud:

Or you can give directly to the charities we support here:

[jcdungabsanbar]

you're lectures are changing or lives! I pray God keeps you healthy and blessed always! Cheers!

[puguonaljeff]

Good day po Sir Lex. Reviewer po ba yung kay Mamalateo na tinutukoy niyo?

[daian]

Hirap po ako sa taxation pero what I've learned through the process ng review ko eh.. mag-ingat sa mga allowable deductions and exemptions kasi sila yung nagpapaliit ng tax base so kailangan talaga pairalin ang strictissimi juris. Sabi nga po "the higher the tax, the happier the goverment" 😂 Godbless po sir lex sa upcoming book niyo 😊

[markgregorybon]

Hello Sir. I am thankful for this video. However, I think that what you mean in 3:54 in the definition of income is "return OF capital" and not "return ON capital." "Return of capital" is not included in the computation of income but "return on capital" is. Thank you so much!

[angeliemercado]

Currently watching most of your vids that I think will be helpful for incoming freshman in law school. I'm kinda nervous but all your tips were greatly appreciated. Godbless Atty. Lex and looking forward to more inspiring videos😊

[jethercorpuz]

Excited for the book! Will surely buy it when it's finally published. 😃

[amon]

@LexInMotion Atty. Lex may I ask what is your personal take on BIR' s "benchmarking" RMO 04-2006? Does it have any legal basis?

[ivoryclaireadolfo]

Thank you for this video i really want to be a lawyer

[jeromrelayo]

Would have been better if explained slowly.

[roisinlovissa]

Binalikan ko itong vid nyo sir for our tax class on my return to law school. Can't wait for your book po. Thanks for making tax easier to understand, sir.

[adrianantazo]

Salamat kapatid.. share ko sa class namin.. laging badtrip si Atty Casasola samin kasi parang laging walang makasagot samin..

[erickajamiedehonor]

Thank you po for this. Buti nakita ko tong video ☺️

[ranjitli]

Hindi ako law student or accountant. I want just to know taxation in Philippines. What are the loop holes and how to avoid tax legally. 😂

[miaaprilrobles]

HAHAHAHA. ML pa! Naka help po itong video mo for Taxation 1 ko. Thank you ! <3

[lhourinelaine]

Published na po ba book nyo, sir lex?

[rcsiapno]

Ito na lng ang natira kong review sa Letran (AR8).

[anyaspy]

I like how you make singit the ML in your discussion. HAHA

[goldipayla]

Nandito lang ako kasi binigay sakin ng mama ko tindahan ng sagingan nya sa palengke.. sa panahon ngayun hirap maka income ng malaki tapos yun coming ng renewal. nawalan ako ng gana net income ko lang everyweek 3k simula april to december kung pinalakad. kasi subrang mahal ng bilihin din at may 5 tao akung sini sweldohan.. tapos pagdating renewal nganga nako kasi umabot 17k plus bayarin ko.. tapos di pa nakasali sa BIR nyan.. wala lang napadpad lang ako dito. hahaahaha

[smilinandlaughin]

Wooh :D ! God bless po sir sa upcoming book niyo po

[karinajoyigmay]

Atty. Lex! I'm looking forward sa cheat sheet sana magamit ko siya sa final exam sa tax. Hehe Mahirap si tax pero Kaya! Thanks again! ❤️