MANILA, Philippines — President Rodrigo Duterte on Tuesday, December 19, signed into law the P3.8-trillion 2018 national budget, and the first package of the much-awaited tax reform program that seeks to raise P130 billion in revenues to bankroll his administration’s economic agenda. At a ceremony in Malacañan, Duterte inked the Tax Reform for Acceleration and Inclusion bill, which overhauls the country’s 20-year-old tax regime in a bid to make the tax system fairer and simpler. Duterte signs 2018 national budget into law. The fresh law exempts those earning an annual taxable income of P250,000 and below from paying the personal income tax and raised the tax exemption for 13th month pay and other bonuses to P90,000. Diesel will have a P2.50 per liter tax on the first year of implementation in 2018, P4.50 in 2019 and P6 in 2020.

Source: Philippine Star December 19, 2017 07:30 UTC