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Much of what the government hopes to achieve depends on how well it can raise revenues. At stake are the government’s key reform measures to improve the country’s infrastructure, create jobs, reduce unemployment, increase individual and household income, and lift millions out of poverty.

Massive investments in infrastructure and human capital require adequate revenues. The Administration’s Comprehensive Tax Reform Program (CTRP) is an integral component of the proposed revenue and spending plan. The CTRP is composed of tax reform measures that aim to make the Philippine tax system competitive and support the achievement of goals under the Philippine Development Plan (PDP) 2017-2022. The Tax Reform for Acceleration and Inclusion (TRAIN) Law or Republic Act No. 10963, which took effect in January 2018, is the first (i.e., Package 1A) of four packages. RA 10963 shifted focus towards indirect taxation by reducing personal income taxes (PIT), lifting numerous Value-Added Tax (VAT) exemptions, increasing excise tax rates on automobiles, petroleum products and tobacco products, and introducing excise taxes for sweetened beverages and cosmetic surgeries. The Tax Amnesty Act or RA 11213 (Package 1B), signed in February 2019, is a CTRP-complementary measure to encourage taxpayers to settle prior years’ obligations from which government hopes to collect additional revenues. The other CTRP packages aim to lower the Corporate Income Tax (CIT) and modernize fiscal incentives (TRABAHO Bill or Package 2), broaden the tax base used for property and property-related taxes of the national and local governments (Package 3), and reform capital income and financial services taxation.>>read complete document

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Panel Bot Budgetg Brieferbudget Briefer

 

 

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finffacts in figures

Panel Bot Budgetg Brieferbudget Briefer

 

 

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finffacts in figures

Panel Bot Budgetg Brieferbudget Briefer