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    53 views1 page

    Significance of Train Law

    Uploaded by

    Angelica Elbo

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 1

    Elbo, Angelica Mae GED 105 Room 406

    Bs. Architecture 2 Mr. Fidel Carinan 1:00 – 2:00

    Significance of Train Law

    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.

    The TRAIN would provide the bulk of Philippine citizens with substantial tax cuts while collecting
    additional funds to help finance increased government spending on its "Develop, Develop, Build" and
    social security programmes. The tax overhaul bill corrects the tax system's longstanding inequity by rising
    personal income taxes for 99 per cent of households, thus giving them the much-needed relief after 20
    years of tax rate and class non-adjustment. This is the Government's biggest Christmas and New Year gift
    to the nation.

    The Tax Reform for Growth and Inclusion Act (TRAIN) is an incentive to drive our country forward, and
    failure to change our tax code is a gamble that we cannot afford to take if we intend to accelerate
    progress. The simpler approach is to do nothing and maintain the status quo that can support moderate
    growth. But if we want to see a Philippines free of serious poverty in one generation's time, we cannot
    continue to only muddle along. We have to make the painful call to stop doing what we have done for so
    long, simply because it hasn't been successful. We need to change the system to better promote
    development and meet the interests of each and every Filipino, and not just a few.

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