The final version of proposed Tax Reform for Acceleration and Inclusion (Train) Act has been welcomed by the Finance department despite changes introduced by a bicameral congressional committee. Provisions that were not originally proposed but inserted in the final bill include higher excise taxes on coal, minerals and tobacco and the introduction of a cosmetics levy. Based on Finance department estimates, the approved tax reform measure would yield around P130 billion during its first year of implementation. The coal tax hike was originally planned for the tax reform package five. Lawmakers also decided to increase the tobacco excise tax from the present P30 per pack to P32.5 in the first half of next year and to P35 starting July 2018 to December 2019.

Source: Manila Times December 13, 2017 18:00 UTC