TRAIN misses...

tax systems.

Meanwhile, the DOF raised 143.4 billion from higher taxes on petroleum products, slightly above the 143.3-billion target, while automobiles marginally surpassed the 111.6-billion goal by five percent to 112.2 billion.

Sin tax collection from cigarettes also breached the target of 13.3 billion to 15.9 billion, while documentary stamp tax (DST) raised 149.1 billion, way above the 121-billion target.

“Tobacco excise is above target… due to better compliance and advance production,” the DOF said. “DST is above target… given higher transactions values and better collection efficiency.”

While the TRAIN missed the net revenue goal, Dominguez still believes the first tax reform law has “succeeded” in providing Filipinos with higher earnings following the reduction in personal income tax rates.

"The reduction in personal income tax in the first nine months is 1102.9 billion, that is around close to 112 billion a month, that means to say individuals had actually additional 112 billion a month’s spending power,” Dominguez said.

"Don’t look at only the collection, look at what was given up and they were given up directly to individuals. This TRAIN law benefited directly individuals who are earning 1250,000 or even those earning 1250,000,” he added.

"TRAIN has succeeded 100 percent to that regard, in collections we succeeded for the first nine months, 94.7 percent. In any grading, it’s not so bad,” the finance chief concluded.

The DOF programmed 1108.7-billion losses from personal income tax at end-September.