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Money Matters

Revenue from TRAIN Exceeds Target in 2018

The tax reforms under the Duterte administration have finally paid off. According to a finance official, revenues under the first tranche of TRAIN (Tax Reform for Acceleration and Inclusion) exceeded the government’s target in 2018.

Finance Assistant Secretary Tony Lambino said revenues generated through the TRAIN law reached P68.4 billion in its first full year of implementation. The government’s target was at P63.3 billion.

Lambino also noted that excise taxes on tobacco and cars, the documentary stamp tax, and personal income taxes were big contributors to the high collections.

Revenue from the government’s tax reform program will primarily fund initiatives such as ‘Build, Build, Build’ and sectors such as health and education.

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TRAIN “benefited millions of families” — Angara

It’s no secret that the TRAIN has many critics, who have repeatedly expressed opposition, particularly on the fuel excise tax.

In an interview with CNN Philippines, Senator Juan Edgardo “Sonny” Angara urged critics to also see the positive results brought by the TRAIN law. He said millions of families have been able to benefit, specifically from the income tax exemption of P250,000.

Angara also enumerated other positive changes implemented under the TRAIN law, including the simplification of the tax code and the estate tax.

“When you criticize TRAIN, how come they don’t talk about the income tax exemption of P250,000 which benefitted millions of families?”

“And no one talks about the estate tax, no one talks about the simplification of the tax code … The [value added tax] return for small companies, you don’t have to do it every month now,” Angara said.

Angara, who is running for re-election, also said that the administration’s TRAIN law should not be blamed for last year’s rapid inflation, which peaked at around seven percent in October.

He said the increase in crude oil prices across the world, as well as the U.S. sanctions against Syria and China, had significant impact in our local prices, which set the stage for a “perfect storm.”

Angara is credited as the driving force behind the passage of the TRAIN law. He is now part of the senatorial slate of President Rodrigo Duterte. He is also a member of Hugpong ng Pagbabago, the regional party of presidential daughter, Davao City Mayor Sara Duterte-Carpio.

via ABS-CBN News

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