Most people believe that a new year symbolizes growth and change, hence the adage, "Out with the old, in with the new." We resolve to change things that we found unpleasant during the previous year, make new year's resolutions in the hopes of following through with them, and make commitments to better ourselves as a new year commences.

Perhaps the most prominent change that is bound to affect us all this year is the Tax Reform for Acceleration and Inclusion (TRAIN) Law that was signed by President Duterte on Dec. 19, 2017. The law vastly amended the National Internal Revenue Code of 1997 (NIRC), and one of its amendments involve a new rule on the amortization of input value added tax (VAT) on capital goods whose acquisition cost exceeds P1 million.

New rule on amortization of input VAT on capital goods