Duterte signs tax reform package into law

Duterte signs tax reform package into law

- in Economy, News
PRRD Signs the 2018 General Appropriations Act and Tax Reform for Acceleration and Inclusion

MANILA, December 19, 2017 — President Rodrigo Duterte on Tuesday, December 19, signed the first package of his administration’s tax reform initiative as an early Christmas gift for the Filipino people.

In a ceremony held at the Rizal Hall of the Malacañan Palace, the President inked the Tax Reform for Acceleration and Inclusion (TRAIN) bill, which seeks to make the country’s tax system simpler, fairer and more efficient.

“This is the administrations biggest Christmas gift to the Filipino people as 99 percent of the taxpayers will benefit from the simpler, fairer, and more efficient tax system,” Duterte said.

According to the President, the TRAIN bill, now Republic Act (RA) No. 10963, is a product and a milestone for the Department of Finance (DoF), which has worked hard for the bill to come into fruition.

One of TRAIN’s significant breakthroughs, Duterte said, will be the exemption of individuals earning P250,000 per annum from paying taxes, starting the first day of 2018.

“The law also addresses long and overdue corrections in our tax laws and introduces a more progressive tax system for the rich and the poor, contribute to give better services to our people,” Duterte added.

Revenues that will be culled from the new tax system will fund priority projects such as free tuition in state universities and colleges, quality health care, social protection and conditional cash transfers, infrastructure development through the Build, Build, Build project and the reconstruction of Marawi City.

The Chief Executive likewise instructed the Department of Finance for a swift and effective implementation of the first package of TRAIN and to immediately submit the second package to Congress.

The second package, according the President, will deal with corporate income tax early next year and will complement the revenues of TRAIN. (PND)

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