MANILA – Revenues from new duties under the first tranche of tax reforms exceeded the government’s target in 2018, its first full year of implementation, a finance official said Wednesday.
Revenues generated from TRAIN, or the Tax Reform for Acceleration and Inclusion reached P68.4 billion, compared to the target P63.3 billion, said Finance assistant secretary Tony Lambino.
Excise taxes on cars and tobacco, the documentary stamp tax and “curiously,” personal income taxes led to the higher than forecast collections, Lambino told reporters.
“We were able to perform above target in terms of the TRAIN law,” he said.
The TRAIN is the first package of the Duterte administration’s tax reform program. It lowered personal income taxes but offset the losses by increasing duties on fuel, sweetened beverages, and vehicles. (ABS-CBN News)
