Scribd
Upload
56 views1 page

What Train Law

The TRAIN Law is the Tax Reform for Acceleration and Inclusion Act, also known as Republic Act no. 10963, which was signed into law on December 19, 2017. It revised several taxes including personal income tax, estate tax, VAT, and excise taxes on petroleum, automobiles, tobacco, and other products. While some see benefits like exempting minimum wage earners from income tax, others criticize increased prices of certain goods. Supporters argue it will boost economic growth and employment, but critics say the resulting inflation harms consumers. The law aims to help the Philippines become more globally competitive by 2020 and 2040 as part of the president's long-term development plans.

Uploaded by

Janlie Gautane
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
56 views1 page

What Train Law

The TRAIN Law is the Tax Reform for Acceleration and Inclusion Act, also known as Republic Act no. 10963, which was signed into law on December 19, 2017. It revised several taxes including personal income tax, estate tax, VAT, and excise taxes on petroleum, automobiles, tobacco, and other products. While some see benefits like exempting minimum wage earners from income tax, others criticize increased prices of certain goods. Supporters argue it will boost economic growth and employment, but critics say the resulting inflation harms consumers. The law aims to help the Philippines become more globally competitive by 2020 and 2040 as part of the president's long-term development plans.

Uploaded by

Janlie Gautane
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 1

TRAIN Law? Expound.

The law may be HARSH but it’s the law.

TRAIN Law, no, it’s not about trains that go “choo choo,” it’s the Tax Reform for Acceleration and
Inclusion Act, or as some may call it the Republic Act no. 10963. The reason of mundane Filipinos to be
startled, uproar, aggravate. And nothing insults filipino people than to mess with their daily living. This
law is only the primary fragment of the Comprehensive Tax Reform Program, that was signed on 19 th of
December, 2017.

Yes, from as you know it is only the initial part of CTRP, yet there is more to come. TRAIN Law was
implemented and effective since the start of the year, January 2018. This reform had revised taxation;
such as personal income tax (PIT), estate tax, donor’s tax, value added tax (VAT), documentary stamp
tax, and also excise tax for petroleum products, automobiles, cosmetic procedures, sweetened
beverages, tobacco and coal mining.

Some people take it as a blessing, and as of some acted that it was a curse. One the most
prominent features of this is individuals with 250,000 pesos of annual salary including those minimum
wagers are exempted paying of PIT. Others are the, increase of price of sweetened beverages, tobacco;
lower VAT, higher excise tax for car owners, cosmetic procedures (e.g. liposuction, facial lifts, plastic
surgeries, etc.), and higher pay in coal mining corporations. Though some of these are the disadvantages
or shortcomings of the law.

The expected effects of this law, first is the economic growth of the Philippines, well our country is
still one of the fastest-growing economies in the region, since from the 1 st quarter of 2018, the
government was able to raise 619.84 Billion pesos. This represents 16.4 % of tax revenue growth,
compared to what was last year, this year was a lot better and also includes the GDP or gross domestic
product. Secondly, a major issue and drawback of the TRAIN law to it’s inevitable sibling, the inflation
rate, there are witty posts on social media about this but still there are rampant ones contradicting the
implementation of the law. Lastly, is the Employment generation, which probably would help the filipino
to lessen the unemployment rate of 2018 and increase the number of people who have jobs, enough to
raise a family.

It’s the vision of Pres. Duterte of the Philippines to the soon 2020 and 2040, including his Build,
Build, Build project. Perhaps of these are plans, ways of our president for the Philippines to be “Globally
Competitive” amongst other in Asia, much way better if International, we should never judge it as it
seems in the first, because our country has great potential, yes it’s a third world country but no one
could foresee what were about to embark. But can it be worth the financial suffocation, or other
suffocations? TRAIN law wouldn’t be that bad, ain’t it?

You might also like