(Eagle News) — President Rodrigo Duterte on Monday, July 23, rejected calls to suspend the Tax Reform for Acceleration and Inclusion law.
In fact, in his third State of the Nation Address, he said he hoped to sign Package 2 of the TRAIN law before the end of the year.
“We need this for sustainable growth,” he said.
Critics of TRAIN have aired their concerns about inflation allegedly as a result of TRAIN, which imposes excise tax on oil and raises taxes on other products including motor vehicles, among others, but Duterte’s economic managers have reiterated TRAIN would benefit Filipinos in the long run.
They noted that the additional revenues under the law would go to infrastructure projects that would create new jobs, and that the law reduces the income taxes for 99 percent of income taxpayers.
