(Eagle News) — President Rodrigo Duterte signed into law on Tuesday the P3.77-trillion national budget for 2018 and the tax reform bill which is set to take effect on January 1 next year.
The P3.77 trillion national budget which was ratified by Congress on December 12, is up 12 percent from the 2017 national budget.
The Tax Reform for Acceleration and Inclusion (TRAIN) law, on the other hand, exempted from taxes the first P250,000 annual taxable income, and bonuses worth up to P90,000.
Under the 2018 budget, education gets the biggest chunk of the budget with a P553.3 billion share; next is the Department of Interior and Local Government with a P170.8 billion budget, the Department of National Defense with ₱149.7 billion and the Department of Social Welfare and Development with ₱141.8 billion.
Meanwhile, under the TRAIN law, there will be higher taxes imposed on fuel, automobiles, tobacco products and sugar sweetened beverages. (Eagle News Service)