Finance Secretary Carlos Dominguez III said the Tax Reform for Acceleration and Inclusion Law was a hundred-percent success in the first three quarters of 2018 in terms of benefits to individuals through the reduction of personal income taxes.
Dominguez in an interview over the weekend urged the Filipino people to look at the success rate of the law not just in terms of revenue collection but its direct benefits to working individuals.
Data from the DoF showed that TRAIN revenues reached P41.9 billion in the first three quarters of 2018, or 94.7 percent of the target of P44.3 billion for the period. The total shortfall is P2.3 billion or 5.3 percent.
The Bureau of Internal Revenue exceeded its target by P6.2 billion while the Bureau of Customs was below the target by P8.5 billion.
“But I want to emphasize that the big number there is the reduction of personal income taxes. The reduction in PIT in the first nine months is P102.9 billion. That is close to P12 billion a month. That means to say that individuals had actually additional P12 billion a month spending power,” Dominguez said.