The Tax Reform for Acceleration and Inclusion (TRAIN) Bill seeks to increase excise taxes on fuel and new vehicles.
The House of Representatives of the Philippines has approved on third and final reading the administration’s tax reform package. The new piece of legislation, the Tax Reform for Acceleration and Inclusion (TRAIN) Bill (House Bill 5636) is centerpiece of the current administration. The House passed the HB 5636 on second and third readings in one session since President Rodrigo Duterte certified it as urgent.
TRAIN seeks to lower personal income tax (PIT) rates and will increase excise taxes on commodities such as automobiles.