The Tax Reform for Acceleration and Inclusion (Train) bill could affect the competitiveness of the Information Technology and Business Process Management sector, industry leader Rey Untal said. Train or House Bill 4688 seeks to reduce the rate of personal income tax. Filipinos earning below P250,000 a year are also exempted from paying personal income tax. However, this will also take away the value-added tax exemption from the IT-BPM sector to broaden the VAT base by imposing a 12 percent VAT on gross receipts. “We are not opposing the tax reform bill in its entirety.

Source: Manila Times June 18, 2017 16:18 UTC