DOCUMENT: Tax reform package in Republic Act 10963
MANILA, Philippines – On December 19, President Rodrigo Duterte signed Republic Act 10963 or the Tax Reform for Acceleration and Inclusion (Train) Law.
RA 10963 sets a new tax system that benefits almost all 7.5 million individual income tax payers in the country. It also imposes higher taxes on cars, fuel, tobacco, cosmetic surgery, tobacco, and some sweetened beverages.
Revenues from the new measure are meant to fund Duterte's infrastructure and socio-economic programs. (EXPLAINER: What's inside the bicam-approved tax reform bill?)
Duterte, however, vetoed some parts of the said law.
The first of 5 tax reform packages, RA 10963 will take effect on January 1, 2018.
Read the full text of Republic Act 10963 below