Quiz

Key provisions and fiscal impact of Tax Reform for Acceleration and Inclusion (TRAIN) (RA 10963)

• Tax reform package 1 is the first step towards correcting the structural problems of the tax system in the Philippines.
• The main purpose of the tax reform package is poverty and inequality reduction, rather than deficit and debt reduction.
• The tax reform package aims to achieve a low rate and broad base tax system.
• Package 1 of the tax reform reduces income taxes for 99% of income taxpayers, addressing a longstanding inequity in the tax system.
• The tax reform package was implemented without a crisis or external force imposing it, making it a significant milestone in the country's history.
• The tax reform package is the first of five packages that will address the unfair, complex, and inefficient aspects of the tax system.
• The tax reform package has a goal of poverty and inequality reduction, rather than solely focusing on deficit and debt reduction.
• The tax reform package aims to correct the structural problems of the tax system that have made it unfair, complex, and inefficient.
• The tax reform package is designed to have a low rate and broad base tax system.
• Package 1 of the tax reform reduces income taxes for 99% of income taxpayers, addressing a longstanding inequity in the tax system.
• The tax reform package is an important milestone in the country's history as it is the first time a tax reform has happened without a crisis or external force imposing it.
• The tax reform package is the first step towards correcting the structural problems of the tax system in the Philippines.