As envisioned by President Duterte’s administration, Tax Reform for Acceleration and Inclusion also known as TRAIN, is the first package of the comprehensive Tax Reform Program (CTRP) which seeks to correct a number of deficiencies in the Tax System to make it simpler, fairer and more efficient. It also includes mitigating measures that are designed to redistribute some of the gains to the poor.
The old Tax System has several weaknesses that the TRAIN addressed. Tax Reform program simplify personal income, estate and donor’s taxes. Funding more infrastructure and social services to eradicate extreme poverty and reduce inequality towards prosperity for all can be achieved. It also expands the Value-Added Tax (VAT) base, adjusting the oil and automobile excise taxes, and introducing excise tax on sugar-sweetened beverages.
The Tax Reform for Acceleration and Inclusion or TRAIN will fund the following:
• Education
• Healthcare Services
• Infrastructure Programs
Tax Reform is redesigning our Tax System to be Simpler, Fairer and more efficient for all. The TRAIN also aims to provide the needed additional revenues that would fund our country’s investment needs, promoting better lives for all Filipinos.