Net gain from Train a sizable P12B – BIR - News Summed Up

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Net gain from Train a sizable P12B – BIR

Implementation of the Tax Reform for Inclusion and Acceleration (Train) law substantially boosted the Bureau of Internal Revenue’s (BIR) first quarter earnings, officials told legislators on Wednesday. Higher taxes, particularly for tobacco products, led to a P12.532-billion net gain from Train for the BIR, data presented at the House of Representatives showed. Losses, on the other hand, came from personal income taxes (P23.344 billion), value-added taxes (P3 billion) and estate taxes (P225.22 million). Implemented beginning January, the Train law exempts those earning annual taxable incomes of P250,000 and below from paying personal income tax. The government has said that Train revenues would finance the “Build Build Build” program, which Finance Secretary Carlos Dominguez has said would be threatened given calls to suspend the law, either in full or in part.

Source: Manila Times May 16, 2018 16:18 UTC