Taxes to rise in Philippines

The Philippines’ Congress last night ratified the Tax Reform for Acceleration and Inclusion (TRAIN) bill despite objections from several lawmakers and senators, according to a ABS-CBN News Manila story quoting an unnamed lawmaker.

Sixteen senators voted to adopt the tax reform package that had been approved by a bicameral panel. Four senators voted against the bill.

Based on estimates made by the Department of Finance, the approved tax reform measures will yield about P130 billion in net revenue during its first year of implementation.

Under the bill, lawmakers decided to increase tobacco excise from P30.0 per pack to P32.5 per pack in the first half of next year, and to P35 per pack during the second half of the year.