Quiz

Study Notes

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.

Description

Test your knowledge on the key provisions and fiscal impact of the Tax Reform for Acceleration and Inclusion (TRAIN) law (RA 10963) in this quiz. Explore the impact it has on revenue and deficit, and discover the key messages behind this historic tax reform package.