Department of Finance’s proposal on tax reforms
The Tax Reform for Acceleration and Inclusion (TRAIN) is the first package of the comprehensive tax reform program (CTRP) envisioned by President Duterte’s administration, which seeks to to correct a number of deficiencies in the tax system to make it simpler, fairer, and more efficient.
What is TRAIN?
Tax Reform for Acceleration and Inclusion
The goal of the first package of the Comprehensive Tax Reform Program (CTRP) or TRAIN is to create a more just, simple, and more effective system of tax collection, as per the constitution, where the rich will have a bigger contribution and the poor will benefit more from the government’s programs and services.
The passing of TRAIN is already on its way! See below the current timeline and progress.
The Vision of TRAIN
The tax reform aims to achieve the following:
Achieving the Vision
For us to be able to achieve the vision of TRAIN, we need to lead the investment growth of 7 to 10 percent. Over the long-term, all these investments require additional funds of around 1 trillion pesos per year in 2016 prices, on top of the current 1.7 trillion pesos. Over the medium term, the government will need to raise some 366 billion per year between 2016 and 2022 (or 2.2 trillion pesos in total).
Ways to Raise Investments
Complementary Economic Reforms
LEARN MORE ABOUT TRAIN
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