![]() The amount is enough to offset the moderate but temporary increase in prices due to TRAIN. The ten million poorest households and individuals receive cash transfers of PHP 200 per month in 2018 and PHP 300 per month in 20. ![]() Taxpayers can save time falling in line and filing and paying eight times a year to just four times a year. Small and micro SEPs now have the option to pay a simpler, flat tax of eight percent on gross sales in lieu of the income and percentage tax. Simplified tax for small and micro self-employed and professional (SEPs) taxpayers To maintain progressivity, the top individual taxpayers whose annual taxable income exceeds PHP 8 million face a higher tax rate of 35 percent from the current 32 percent. Under TRAIN, those with annual taxable income below PHP 250,000 are now exempt from paying personal income tax, while the rest of taxpayers, except the richest, will see lower tax rates ranging from 15 percent to 30 percent by 2023. Passed into law on 19 December 2017 Salient provisions Lowered and simplified personal income taxes In TRAIN, Congress passed two-thirds of the needed revenue for 2018 and is expected to pass the balance in 2018 to help achieve our revenue and deficit targets. It also raises significant revenues to fund the President’s priority infrastructure programs to reduce poverty incidence from 21.6 percent in 2015 to 14 percent by 2022.ħ0 percent of the incremental revenues of TRAIN will go to infrastructure and the Build, Build, Build program, while the balance will go to social services programs. ![]() ![]() Specifically, TRAIN corrects the longstanding inequity of the tax system by reducing income taxes for 99 percent of income taxpayers, thereby giving them much-needed relief after 20 years of non-adjustment. The Tax Reform for Acceleration and Inclusion (TRAIN) under the Comprehensive Tax Reform Program seeks to correct a number of deficiencies in the tax system to make it simpler, fairer, and more efficient. ![]()
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