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Friday, November 1, 2024

Train law boosts spending–DoF

An official of the Finance Department said the Tax Reform for Acceleration and Inclusion law that cut personal income taxes and put more money into the pockets of most Filipinos boosted household spending this year.

Finance Assistant Secretary Antonio Lambino pointed to the robust retail sales at shopping malls, fast food restaurants and other dining places that indicated higher consumer demand as a result of the Train law’s implementation.

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Lambino said retail giants and fast food chains such as Robinsons Retail Holdings Inc., Philippine Seven Corp., Puregold Price Club and the Max’s Group Inc. reported increased sales since this year’s implementation of the law, which slashed personal income tax rates and benefitted 99 percent of all taxpayers.

Estimates by the agency showed that the implementation of the Train law gave a combined P12 billion in additional income to the country’s individual taxpayers, most of them compensation earners.

“The significant growth in sales reported by retail establishments and restaurants point to the fact that people now have more money to spend as a result of the hefty PIT cuts under Train, which is now benefiting 99 percent of our taxpayers,” Lambino said. 

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