A well-thought-out tax and customs reform has the potential of significantly increasing the size of the economy. 10963, otherwise known as the Tax Reform for Acceleration and Inclusion Act (TRAIN) and RA No. The TRAIN, which is already in effect, is the first package of the Comprehensive Tax Reform Program (CTRP) envisioned by the Duterte Administration. Amid the moves by certain groups to stop the TRAIN implementation, the second tax reform package of the CTRP is forthcoming. More tax reform packages that will address inadequacies in the rules will then be introduced to complete the total overhauling of the Philippine tax system.

Source: Manila Times February 28, 2018 16:07 UTC