NextGen Day

In response to petitions asserting that the Tax Reform for Acceleration and Inclusion (TRAIN) Act is “anti-poor” and unconstitutional, the Department of Finance (DOF) has applauded the Supreme Court’s judgment maintaining the law’s validity.

The petitioners’ “anti-poor” argument was rejected by the SC because it was mostly speculative and lacked sufficient evidence.

According to the supreme court, the Constitution does not forbid the implementation of regressive taxes.

In a statement released on Thursday, DOF Secretary Benjamin Diokno noted that the implementation of the TRAIN Act “gave significant relief to taxpayers while producing vital revenues to fund the country’s infrastructure projects and other key initiatives.”

The TRAIN Act is the initial component of the previous administration’s Comprehensive Tax Reform Program (CTRP), which intends to streamline, equitably distribute, and improve the nation’s tax system.

The initiative also helps with revenue production, which is important for reducing poverty and boosting the economy.

The TRAIN and CREATE (Corporate Recovery and Tax Incentives for Enterprises) Act, among other game-changing tax changes, “laid the road for our country’s continuing economic growth and fiscal sustainability,” Diokno stated.

The DOF is advocating for the passage of the CTRP’s remaining congressionally-pending packages. These laws aim to streamline the taxation of passive income and financial intermediaries while modernizing real property value and assessment.

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