Known as the Tax Reform for Acceleration and Inclusion law, the tax program overhauls the country’s 20-year-old tax regime in a bid to make the tax system fairer and simpler. The fresh law takes effect 15 days after it is published in the Official Gazette or publications of general circulation. Under its P8.44-trillion 2017-2022 “Build, Build, Build” program, the government aims to jack up its spending on infrastructure alone to P1.899 trillion, equivalent to 7.45 percent of gross domestic product, by the time Duterte ends his term in 2022. However, the estimated tax take from the new tax law is less than the Department of Finance had hoped to raise, with TRAIN expected to generate $1.8 billion in revenues in its first year. Amid mixed reactions over the revamp of the country’s tax system, what does the new law mean to ordinary Filipinos now that TRAIN has been given a green light to leave the station?

Source: Philippine Star December 21, 2017 10:52 UTC