President Rodrigo Duterte INQUIRER.net FILE PHOTO
President Rodrigo Duterte said on Tuesday that the signing into law of the tax reform bill is the biggest gift of the government to Filipinos.
“This is the administrations biggest Christmas gift to the Filipino people,” Duterte said in his speech after signing into law the Tax Reform for Acceleration and Inclusion (Train) Bill or Republic Act No. 10963.
Under the new measure, employees who are earning not more than P250,000 per year are exempted from tax.
The Train is anticipated to raise the take home pay of 7.5 million individual income tax payers, and at the same time impose higher taxes on fuel, cars, tobacco, coal and mining, among others.
Presidential Spokesperson Harry Roque said the tax reform law would “spare 99 percent of our population from the payment of income taxes.” /kga