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As an Economics professor, I think it’s important to establish some concepts on taxation before we go into the details of the Tax Reform for Acceleration and Inclusion (TRAIN) Law. This will give you the tools to better appreciate tax reform, now or even in the future. Think of this as a crash course on tax policy.
WHAT IS TRAIN? In December 2017, the government adopted Republic Act 10963 or the TRAIN law. It is the first package of the Comprehensive Tax Reform Program (CTRP) that aims to create a simpler, fairer, and more efficient tax system (DOF, n.d.). Under the law, taxpayers who earn more will pay bigger taxes.
Bureau of Internal Revenue Bureau of Customs Bureau of Treasury Bureau of Local Government Finance Cooperative Development Authority Insurance Commission National Tax Research Center Central Board of Assessment Appeal Philippine Deposit Insurance Corporation Philippine Export-Import Credit Agency Privatization and Management Office Securities and Exchange Commission.
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Pablo, Jan Vernadeth M. BBF 4-4 Reaction Paper: Tax Reform for Acceleration and Inclusion As we celebrate New Year, the TRAIN law took effect on January 1, 2018. The Tax Reform for Acceleration and Inclusion, signed into law by President Rodrigo Duterte on Dec. 19, 2017, is the first among several tax reform measures of the administration.
TRAIN or the Tax Reform for Acceleration and Inclusion is the first package of the comprehensive tax reform program (CTRP) envisioned by President Rodrigo Roa Duterte’s administration. The final bicameral conference on TRAIN was held.’ President Rodrigo Roa Duterte signed the Republic Act 10963 also known as TRAIN law’ Implementation.
Worse than super typhoon Yolanda of 2013, is the calamitous effect of TRAIN Law on Filipino households today. Philippine’s Duterte regime has implemented the horrible Republic Act No. 10963 otherwise known as the Tax Reform Acceleration and Inclusion (TRAIN) Law starting January this year. TRAIN Law expected to lessen taxes for poor earners had triggered a staggering inflationary condition.