by Rolan L Bentulan
As we bid our farewell to 2017, the Philippines will welcome the New Year with a new Republic Act. The Tax Reform for Acceleration and Inclusion (TRAIN), otherwise known as RA 10963, is now officially a law after having been signed by President Duterte last December 19, 2017. The TRAIN is the first package of the Comprehensive Tax Reform Program (CTRP) which seeks to correct a number of deficiencies in the tax system and make it simpler, fairer and more efficient.
It must be noted that the enactment of the bill into law does not halt the rule-making process. The law must be put into effect or, otherwise properly and effectively implemented to materialize its goal. In this connection, RA 10963 provides that the law shall take effect on January 1, 2018, following its complete publication in the Official Gazette, or in at least one newspaper of general circulation.