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A more modest tax collection goal

HOUSE bill 5636 is being touted by the administration as a reform bill with the name “Tax Reform for Acceleration and Inclusion Act” (TRAIN). Reform is always a good word, while Acceleration denotes an active go-go government – as in the previous administration’s Disbursement Acceleration Program – and Inclusion seeks to imply that the poorer sectors of the country will now be included in the benefits of national economic progress.

The country could face a “dark age of infrastructure” if government’s priority tax reform bill does not get the congressional approval soon, the country’s socio-economic planning chief said on Tuesday.

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On tax reform

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Lowering the individual (personal) and corporate income tax rates is not easy nor is it simple. The government needs to find additional sources of revenues, assuming that government expenditures will remain at the same level, to offset the “lost” revenues from income tax.

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If enacted into law, over four million Filipinos classified as low-income earners will be exempted from the new income tax system proposed by the Department of Finance.

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