Taxpayers reap P111.7B from TRAIN law

Taxpayers reap P111.7B from TRAIN law

Tax Reform for Acceleration and Inclusion (TRAIN) Lawbefore and after was signed by President Rodrigo Roa Duterte was subjected to an intense debate among the government finance officials and the different detractors and critics of the Duterte administration.
And now that the numbers are in the Filipino taxpayers are feeling its benefits, P111.7 billion in personal income tax (PIT) cuts in 2018 with the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) Law.

Under the TRAIN law, the taxpayers with a net taxable income of P250,000 and below are exempted from paying personal income taxes (PIT) under the first package of the Duterte administration’s Comprehensive Tax Reform Program (CTRP), the Department of Finance (DOF) said in a statement.

(photo credit to owner)

Those earning less than P8 million annually also get PIT cuts.
“The significant growth in sales reported by retail establishments and restaurants point to the fact that people now have more money to spend as a result of the hefty PIT cuts under TRAIN, which is now benefiting 99 percent of our taxpayers,” Department of Finance (DoF)spokesman and Assistant Secretary Antonio Lambino II said.

From the different malls, restaurants, and other dining places notes that after the TRAIN law took effect in January 2018 indicates that there is a  higher purchasing power of Filipino consumers as the law put more money into the pockets of 99 percent of Filipino income taxpayers.
As per the DoF estimates, the implementation of the TRAIN law gave a combined P12 billion per month in additional income to the country’s individual taxpayers, most of them compensation earners, and in unconditional cash transfers to the poorest households and senior pensioners.

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Report from Daily Tribune

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