Wednesday, January 24, 2018

Comprehensive Tax Reform Program (CTRP) rough schedule

CTRP 1 or Tax Reform for Acceleration and Inclusion (TRAIN) Package 1A is already signed into a law even though there are opposing consumer group.

1. Package 1A
    DOF proposed package 1 is divided into A and B because of the Congress can pass all at one time.
    Major contents of 1A is reducing personal income tax, imposing excise tax.

2. Package 1B
    It may cover estate tax (It's already in 1A..hmm), general amnesty (what extent?), bank secrecy law relaxation, automatic exchange of information, motor vehicle user charge.
    It is expected to pass Congress before the end of 1st quarter , 2018.

3. Package 2
   It may cover lowering corporate income tax (30% to 25%), adjusting fiscal incentives. It's already in Congress.

4. Package 2 Plus
   It may cover taxes on tobacco, alcohol, mining, coal and casinos (entrance fee? VAT?). Some of them are already in Package 1A.

5. Package 3
   It may cover property taxation. It may proposed by 2nd half of the year.

6. Package 4
   It may cover passive income and financial taxes.

How will it affect people?

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