Today, how to comply with the new tax law remains the objective and concern for taxpayers in general. For this reason, we are pleased to publish this updated National Internal Revenue Code of 1997, as amended (or the Tax Code). It incorporates and highlights the changes brought about by the TRAIN Law and its implementing rules and regulations, specifically on the amendments to individual income taxation, taxation on certain passive income for individual and corporate taxpayers, estate and donor’s taxes, base expansion for VAT, excise taxes, documentary stamp taxes, and other administrative provisions. We hope that this updated Tax Code and implementing regulations will be a helpful guide for taxpayers in their daily compliance battles. By continuously spreading details about the new tax laws and rules to the business community, we hope to contribute to the awareness on taxpayer obligations, fairness in implementation, and improvement in tax collection. Alexander B. Cabrera Chairman and Senior Partner National Internal Revenue Code of 1997 (as amended by the TRAIN Law, RAs 11256, 11346 and 11467)