New tax...

conduct internal and external briefings nationwide to make way for the hassle-free implementation of the law,” the agency said.

The BIR will hold public consultations on Jan. 11 and 12 prior to the issuance various revenue regulations on income tax, withholding tax, value added tax, excise tax on petroleum, excise tax on automobiles, excise tax on mineral products, excise tax on tobacco, excise tax on sweetened beverage, cosmetic procedures, estate and donor’s tax, percentage tax, and documentary stamp tax as well as a revenue memorandum order (RMO) on the VAT refund system.

The TRAIN Law contains the first package of the Comprehensive Tax Reform Program (CTRP) of the Department of Finance, Based on estimates, the law is expected to generate about P82.3 billion in 2018, or about two-thirds of the P134 billion originally intended under the proposed bill.

The remaining one-third involving the proposed tax amnesty program, adjustments in the Motor Vehicle Users Charge, and amendments in the Bank Secrecy Law, is expected to be passed by Congress in the first quarter of 2018.

Finance Secretary Carlos Dominguez III said proceeds of the first package of tax reforms would fund about 25 percent of the P8.4 trillion Build Build Build program of the Duterte administration.