TRAIN boosts tax collection by P12.5 billion in Q1 - News Summed Up

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TRAIN boosts tax collection by P12.5 billion in Q1

Broken down, revenue losses from personal income tax collections reached only P23.34 billion in the first quarter, lower than the expected revenue loss of P36.04 billion. Gains from petroleum excise tax amounted to P4.73 billion, lower than the P9.99 billion goal; while automobile excise tax climbed by P363.71 million, also lower than expected. Misajon said this is due to unchanged consumption behavior of smokers, and frontloading on the part of the manufacturers in anticipation for higher excise taxes. Excise tax collection on sugar-sweetened beverages was mostly on target with P7.7 billion actual collection as compared to the P7.78 billion goal. The TRAIN Law, as contained in Republic Act 10963, aims to simplify the country’s tax system by lowering personal income tax rates.

Source: Philippine Star May 16, 2018 15:22 UTC