Duterte to ink 2018 budget, tax reform bill before Christmas
President Rodrigo Duterte is set to sign the proposed P3.767-trillion budget for next year and the first package of the tax reform measure before Christmas.
Budget Secretary Benjamin Diokno told reporters on Tuesday that the signing of the 2018 General Appropriations Act and the Tax Reform for Acceleration and Inclusion Act will be held on December 19.
"The signing of the TRAIN has been set on the 19th, together with the 2018 budget," he said.
In a press briefing, Presidential Spokesperson Harry Roque allayed concerns of those who could be affected by the new tax measure.
"There were provisions included in the bill itself to help alleviate the impact on the very poor sector," he said.
He added that the government would continue to implement the conditional cash trasfer program.
"And I think there are other provisions providing further subsidy and supports to the very poor," he said.
According to the Department of Finance, TRAIN seeks to make the country’s tax system simpler, fairer and more efficient by slashing personal income tax rates and, to fill up the consequent revenue loss, by adjusting excise taxes on certain products and broadening the Value Added Tax (VAT) base. Celerina Monte/DMS
