BusinessWorld Online
Tax reform laws added P229 billion in revenues in 2021
The Duterte administration's tax reforms generated P576 billion in additional revenues from 2018 to 2021.
The Tax Reform Acceleration and Inclusion (TRAIN) Law contributed P171.1 billion in 2021 and P476.1 billion in total from 2018 to 2021.
Tax amnesty and sin tax laws contributed P4.6 billion and P52.9 billion, respectively, in 2021.
In 2021, revenues from these laws exceeded the target by 14 percent, amounting to P228.6 billion.
Finance Secretary Carlos Dominguez stated that these reforms, including the CREATE Act, are nearly 90 percent complete.
The generated funds were earmarked for infrastructure programs and universal healthcare.
Dominguez added that the increased spending on social services helped the country cope with the COVID-19 pandemic.
🤖
This story was generated by AI to help you understand the key points. For more detailed coverage, please see the news articles from trusted media outlets below.
News Sources
See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.
