A SPECIALTY book on the country’s internal revenue code as amended by the Tax Reform for Acceleration and Inclusion (TRAIN) law may well serve as the tax bible in the country.
That’s the hope of Du-Baladad and Associates (BDB Law), which published the book as part of its 10th anniversary this week.
During the BDB Law anniversary celebration in Makati City on Monday night, BDB Law Founding Partner and CEO Benedicta Du-Baladad explained: “On this 10th year, we are launching our fifth book the national internal revenue code at last amended by TRAIN. We deliberately published this knowing fully well that the three remaining packages of the TRAIN are still in the works. We need not wait. There are demanding amounts for reference materials post-TRAIN and this is our response. The annotations are designed not for academic or technical dissertation but more of a guide to complying with one’s obligation to pay the correct taxes.”
She explained that the book is intended to help in terms of taxpayer education and promote proper tax compliance, adding that proper tax collection is not just the responsibility of the government but of the whole society as well, with tax practitioners being in a position to somehow influence taxpayer behavior.
“Unlike our other specialty books, this is meant to be our tax bible. The TRAIN is an important piece of legislation, the answer to our country, for a simple, efficient and equitable tax system which for a long time fell on deaf ears. I also have a dream…a tax system that serves as a catalyst for inclusive growth, one that reduces rather than widens the gap between the rich and poor, one that propels economic growth rather than stifle it, one that is simple, equitable and fair. I hope that the tax reform of the government is aligned with mine,” she added.
The TRAIN law was signed into law by President Duterte in December 2017 and took effect in January 2018.
The measure slashed personal income tax rates while implementing offsetting measures, including increasing the excise tax rates on petroleum and tobacco products, among others.
The TRAIN forms the first package under the Comprehensive Tax Reform Program (CTRP) of the Department of Finance (DOF).
Other tax-reform packages under the CTRP that have yet to be passed by Congress include: Package 1B, which includes increasing the motor vehicle users charge, lifting of the bank secrecy law and automatic exchange of information; Package 2, which focuses on lowering corporate income tax and the rationalization of fiscal incentives; Package 3 on property valuation; Package 4 on financial taxes; and Package 2 Plus, which includes taxation on alcoholic beverages.
Image credits: Roy Domingo