MICHAELA MANUEL BSA2M1 1. President Rodrigo Roa Duterte signed into law Republic Act No. 10963, otherwise known as the Tax Reform for Acceleration and Inclusion (TRAIN) Act, the first package of the Comprehensive Tax Reform Program (CTRP, on December 19, 2017, in Malacanang. 2. Act (RA) No. 10963. The Law took effect on January 1, 2018. The TRAIN aims to make the Philippine Tax System simpler, fairer, and more efficient to promote investments, create jobs and reduce poverty. 3. SIMPLIFIED TAX FOR SMALL AND MICRO SELF-EMPLOYED AND PROFESSIONAL (SEPS) TAXPAYERS LOWERED AND SIMPLIFIED PERSONAL INCOME TAXES SIMPLIFIED ESTATE AND DONOR’S TAXES. -> Under TRAIN, those with annual taxable income below PHP 250,000 are now exempt from paying personal income tax, while the rest of taxpayers, except the richest, will see lower tax rates ranging from 15 percent to 30 percent by 2023. 4. TRAIN's goal is to raise Filipinos' disposable income to encourage spending, while making up for deficit by raising taxes in other sectors to generate more funds. The administration aims to use the revenue for infrastructure projects. And most of all, they funds the public buildings, infrastructures nd the tuitions of students who are in scholars.
