BIR holds forum on TRAIN Law
Left: Amion B. Macarampat, BIR-Pagadian City District Officer lectured on TRAIN Law. Right: Djeneth G. Navalatan and the rest of the participants from the different sectors.
Bureau of Internal Revenue (BIR), Pagadian City District Office held a Forum on the new Tax Reform for Acceleration and Inclusion (TRAIN) Law and its Implementing Rules and Regulations at the Municipal Gymnasium on February 12, 2018 with at least 50 participants from the education and business sector, and some LGU employees.
The BIR Team which was headed by Amion B. Macarampat, BIR Revenue District Officer conservatively discussed all the details on the new tax law which was signed by President Rodrigo Duterte on December, 2017. He emphasized that this TRAIN Bill is the first tax reform package for a fairer and simpler tax system for the Filipinos which is to take effect on January 1, 2018 and discussed how it affects everyone.
Here are some points taken during the forum about the TRAIN Law: Increase take-home money and bonuses – every employee can now take home more than they did the previous years, but some goods will be priced higher from now on; Excise on sugar-sweetened beverage and cigarettes; Increase on Petroleum and Automobile Tax; Estate tax, Donor Tax, and higher Documentary Stamp Tax; No more Tax exemption in lotto winnings and cosmetic procedures; and The effect on Value-Added Tax; Tax Compliance will become simpler.
The government promises help – (P200 a month) Conditional Cash Transfer to poor families to cushion the impact of the law to the poor. For the next two years, this will be increased to P300 a month. After the discussion, participants made queries on their apprehension towards the said new tax law.