Tax reform to cut poverty rate to 14% by 2022 – DOF exec

TARLAC CITY: The Department of Finance (DOF) is optimistic that the tax reform bill could help reduce the country’s poverty rate, currently pegged at 21.6 percent, to 14 percent by 2022 with 99 percent of Filipino taxpayers to benefit from it.

In a discussion for the 2nd Association of Southeast Asian Nations (Asean) Multi-Sectoral Forum recently, Finance Assistant Secretary Teresa Habitan said the Tax Reform for Acceleration and Inclusion (TRAIN) seeks to simplify the current tax system and make it fairer and more efficient for Filipino taxpayers.