TRAIN drives total revenues up by 17.2%
Tax reform helped add P300 billion more in government funds.
Total revenue collections reached P2.11 trillion from January to September 2018, spelling a 17.2 percent increase from the P1.8 trillion collected during the same period in 2017.
This is largely attributed to the Tax Reform for Acceleration and Inclusion (TRAIN) law that took effect this year.
“Fiscal space expanded by TRAIN 1 and tax administration enabled government to boost investments and growth in the first semester. In the three quarters of 2018, NG capital outlays expanded by 42.6% in nominal terms, boosting GDP growth by a full percentage point,” the Department of Finance said.
This should take care of some TRAIN critics as far as the government is concerned.