TRAIN bill to raise additional P82B in 2018
The newly-signed tax reform package will raise new revenues despite lower tax rates for income earners.
Finance Secretary Carlos Dominguez III said the first tranche of the Tax Reform for Acceleration and Inclusion (TRAIN) will yield an extra P82.3 billion in fresh revenues by 2018, appended by the presidential veto on five items under Republic Act 10963. This is seen to support a 17 percent growth in revenues to P2.79 trillion.
What’s lost from lower personal income taxes will be offset by higher dues on fuel, cars, sugary drinks, cosmetic procedures, capital investments, tobacco, minerals, and coal.
However, the government still wants to raise the entire P133.8 billion it targets through TRAIN by pushing for the passage of additional measures that would allow the state to run after additional income sources.