TRAIN speeds up earnings

Fiscal space expanded by TRAIN 1 and tax administration enabled government to boost investments and growth in the first semester.

The government reported a 20-percent increase in revenues from January to June this year as a result of the tax reform measures under the Tax Reform for Acceleration and Inclusion (TRAIN) Law, the Department of Finance (DoF) said.

Data from the DoF showed revenues rising 19.9 percent in the first half of 2018 to P1.410 trillion from P1.176 trillion in the same period last year.

“Fiscal space expanded by TRAIN 1 and tax administration enabled government to boost investments and growth in the first semester,” the DoF said in its economic bulletin Sunday.

Data showed tax revenues totaling P1.254 trillion, a jump by 17.4 percent. The Bureau of Internal Revenue generated the most collection with P964.5 billion followed by the Bureau of Customs with P279.4 billion in the first six months of the year. Other government collection agencies added P10.9 billion.

Meanwhile, non-tax revenues reached P155.7 billion, a 45.1 percent increase from the P107.3 billion recorded in the same six months of 2017.

President Duterte signed the TRAIN Law in December 2017, which expanded the the value-added tax net while reducing the personal income tax with the aim of putting more money into people’s pockets.

“Strong macroeconomic fundamentals backed by tax reforms and the Build, Build, Build program will continue to boost economic growth as the competitiveness of the economy rises and more jobs are created,” the DoF said.

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