While individual taxpayers will get income tax breaks for the first P250,000 of their taxable income, the country’s 10 million poorest households will each receive almost P10,000 spread over the next three years, starting 2018 in unconditional cash transfers (UCTs) to help them cope with the minimal impact of the tax reform law on inflation, according to the Department of Finance (DoF).
Finance Secretary Carlos Dominguez, in a statement on Friday, said the overhaul of the country’s outdated tax system to make it simpler, fairer and more efficient via the Tax Reform for Acceleration and Inclusion Act (Train) Law starting this year along with the funding support for education and infrastructure modernization are among the biggest achievements of President Rodrigo Duterte in 2017.
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