Congress has committed to pass a second installment of the Tax Reform for Acceleration (Train) and Inclusion bill in the first quarter of next year, a Cabinet official said. Last week’s ratified measure, Finance Secretary Carlos Dominguez 3rd said, covers two-thirds of what the government proposed under the first package of its Comprehensive Tax Reform Program (CTRP). The legislature has committed that they will pass the part B of tax package one by the first quarter of next year,” he told reporters. Congress ratified the proposed Train Act just before taking a holiday, paving the way of its signing into law tomorrow by President Rodrigo Duterte. The ratified Train bill exempts those earning an annual taxable income of P250, 000 and below from paying the personal income tax (PIT) and raised the tax exemption for 13th month pay and other bonuses to P90,000.

Source: Manila Times December 17, 2017 16:11 UTC