10 Questions
The TRAIN Law is officially designated as Republic Act No. 10263.
False
The TRAIN Law was implemented on December 19, 2017.
False
The TRAIN Law aims to reduce the level of disposable income of taxpayers.
False
The Duterte Administration's 2020 vision is to eradicate extreme poverty through the TRAIN Law.
True
The TRAIN Law is a part of the Comprehensive Tax Reform Program (CTRP).
True
The TRAIN Law promotes regressive taxation.
False
The TRAIN Law was signed into law by President Gloria Macapagal-Arroyo.
False
The TRAIN Law aims to reduce government revenue.
False
The TRAIN Law is a tax reform program that promotes sustainable and inclusive economic growth.
True
The TRAIN Law provides relief to only a small number of taxpayers.
False
Study Notes
TRAIN Law Overview
- Officially designated as Republic Act No. 10963, signed into law by President Rodrigo Roa Duterte on December 19, 2017
- Implemented on January 1, 2018
Objectives
- Enhance the progressivity of the tax system through rationalization of the Philippine interval revenue tax system
- Promote sustainable and inclusive economic growth
- Provide equitable relief to taxpayers and their families to improve disposable income and increase economic activity
- Ensure government provides for the needs of its jurisdiction and care through better infrastructure, health, education, jobs, and social protection
Aim of TRAIN Law
- Generate revenue to achieve the 2020 and 2040 vision of the Duterte Administration
- Eradicate extreme poverty
- Create inclusive institutions that offer equal opportunities to all
- Achieve higher income status
Test your knowledge of the Tax Reform for Acceleration and Inclusion (TRAIN) Law in the Philippines, including its provisions and implementation. Learn about the law's impact on the country's tax system and economy. Measure your understanding of this important legislation.
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