10963, or the Tax Reform for Acceleration and Inclusion (TRAIN) Act, which aims to generate revenue to fund a multibillion-dollar infrastructure program that is central to the government's economic agenda. The TRAIN law increases take-home pay for most wage earners, compensating for the projected foregone revenue through higher excise taxes, including DST. “We are disappointed by the doubling of the documentary stamp tax,” BSP Governor Nestor Espenilla said in an interview with international think tank GlobalSource Partners. “In turn, these planned infrastructure and expansionary projects in different sectors are expected to benefit capital market development,” he added. “Overall, the long-run benefits to the economy brought about by the fiscal reform is expected to counter the higher tax costs imposed in the short-run.”

Source: Philippine Star January 30, 2018 10:52 UTC