Update on Tax Reform in the Philippines

philippines-2697268_1280The Tax Reform for Acceleration and Inclusion Act (TRAIN) is the first tax reform package of President Rodrigo Duterte’s Comprehensive Tax Reform Program.

In its current form, the TRAIN bill will reduce personal income tax rates, address personal income tax “bracket creep,” amend the estate tax, expand the value-added tax base, and remove a number of exemptions currently contained in the value-added tax. It also calls for increased taxes on fuel, new vehicles and coal, and introduces a new tax on sweetened beverages and cosmetics. Continue reading “Update on Tax Reform in the Philippines”