Foremost would be the first package of the Comprehensive Tax Reform Program (CTRP) that ushered new levies on a number of goods while reducing personal income taxes. The Rice Tariffication Act has likewise been passed, which should see prices of rice going down, but not at the expense of our farmers. The proposed Public Service Act, the Foreign Investments Act, and the Retail Trade Liberalization Act are all waiting in the wings. The same goes for a number of tax bills that the Department of Finance needs to complete its tax rationalization initiative. The Tax Reform for Attracting Better and High-Quality Opportunities (TRABAHO) bill should bring down the corporate income tax rates at comparable levels with other ASEAN countries, but may impact negatively on companies operating in export processing zones.

Source: Philippine Star July 22, 2019 16:00 UTC