On December 19, 2017, President Rodrigo R. Duterte signed into law Package 1 of the Comprehensive Tax Reform Program (CTRP), also known as the Tax Reform for Acceleration and Inclusion (TRAIN), as Republic Act (RA) No. 10963. The said Law took effect on January 1, 2018.

TRAIN Law aims to make the Philippine Tax System simpler, fairer, and more efficient to promote investments, create jobs and reduce poverty. To meet such objective, the TRAIN law introduced amendments to several provisions of the National Internal Revenue Code (NIRC). Below is a comparative list of the original provisions versus the TRAIN Law amendments to help the public better understand the changes.

Train Law includes amendments to several provisions of the NIRC including changes to personal income taxation, passive income for both individuals and corporations, estate tax, donor's tax, value-added tax (VAT), excise tax, documentary stamp tax, among others.

If your organization needs assistance in interpreting and implementing changes brought by TRAIN law, don't hesitate to contact us now.