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BY ADRIAN STEWART CO
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MANILA – President Rodrigo Duterte was set to sign today the Tax Reform for Acceleration and Inclusion, or TRAIN, bill and the 2018 national budget in Malacañang.
The ceremonial signing will be held at 2 p.m., Presidential Communications Secretary Martin Andanar said in a statement.
Approved by Congress last week, the controversial tax reform package aims to generate additional revenue to fund the government’s infrastructure programs.
Once signed into law, the measure takes effect starting Jan. 1, 2018.
Its major provisions include the imposition of a P6 tax on diesel, cooking gas, kerosene, and bunker fuel for electricity up to 2020, and a hefty increase in the prices of other oil products like gasoline.
The tax reform package would also bring tax relief to millions of taxpayers in the form of lower income tax but would charge them with an additional P130 million in taxes a year.
On the other hand, Congress also approved the P3.7-trillion 2018 budget last week.
The Department of Education had the biggest allocation with P553.3 billion.
Other agencies with the highest allotments were Department of the Interior and Local Government (P170.8 billion), Department of National Defense (P149.7 billion), and Department of Social Welfare and Development (P141.8 billion)./PN
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