Press Releases
RTWPB-NCR looks into profound effects of new tax reform law

The Regional Tripartite Wages and Productivity Board - National Capital Region (RTWPB-NCR) organized a two-day session on 13-14 February 2018 at D Circle Hotel, Manila to discuss the possible effects of Republic Act 10963 or otherwise known as Tax Reform for Acceleration and Inclusion (TRAIN) Law.

Experts from various government agencies were invited such as: Department of Finance (DOF), Bangko Central ng Pilipinas (BSP), Department of Energy (DOE), National Economic Development Authority (NEDA) and Department of Trade and Industry (DTI) to enlighten the Board about the importance and possible effects of the law.

The two-day session was intended to enable the Board to have better understanding of the latest issuance that will guide them in setting their 2018 priorities, plans and directions that are anchored upon a sound, responsive and realistic assessment of the socioeconomic conditions of the country.

The TRAIN Law took effect on 01 January 2018 and is primarily intended to create a more just, simple and more effective system of tax collection in consonance with the mandate of the Constitution to have a progressive system of taxation, where the rich will have bigger contribution and the poor will benefit more from the government’s programs and services. This reform is expected to generate P130 Billion in revenues; 70% of which will finance the administrations “Build, Build, Build” infrastructure program while the remaining 30% will fund socio-economic programs.

The Board continuously monitors the impact of the said law particularly the household income, government revenue, monetary policies, inflation projections, macro-economic performance, growth targets, prices of basic commodities, state of petroleum and electricity supply and other socio-economic indicators in line with the Board’s wage review functions as mandated by Republic Act 6727 or the Wage Rationalization Act. END / Kim Lagcao / IMSD-LCO-2018-02 / PRF18-15

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