"iyon ay nakakatawa talaga" or "nakakatawa talaga iyon" "iyon ay sobrang nakakatawa" or "sobrang nakakatawa iyon" "talaga" and "sobra" signify intensity as the word "so"

Nakatawa naman yun!!! (If it is far) Nakakatawa naman yan. (If it is beside another person)

although kaliwete and GSha are both correct, the conventional way of saying it (slang, in a way) in daily conversation is: "nakakatawa..., grabe!" or "nakakatawa..., sobra!" (note: a pause after 'nakakatawa' really is necessary) these phrase will surely make you sound like a real filipino. :)

Although teacher kaliwete is right, you don't say it that way in a conversation. just saying "nakakatawa talaga or sobrang nakakatawa" will suffice.

My language is English, but I think it is 'ito ay napaka kakatwa'