Applied economics brief introduction., Summaries of Economics

Download Applied economics brief introduction. and more Summaries Economics in PDF only on Docsity! Introduction According to rep. Act 10963 otherwise known as the TRAIN law, it aims to improve the infrastructures, tax collection, and the overall economic development of the country. It affects both financial factor in a consumer's life and the country's economic development. Despite of the positive objectives of the said law, most of the Filipinos are giving negative feedbacks and complaints regarding on how it badly affects their lifestyle and everyday consumption. In this research, the group blah blah of st. Alexandra aims to know and understand the overall effects of Train Law to the Filipino citizens. Background of the Study Objectives - [ ] To know the effects of Train Law to Filipinos - [ ] To know how Filipinos cope up with the effects of Train Law - [ ] To know how knowledgeable the Filipinos are regarding the Train Law Train Law has been giving a contrasting effect on the lives of Filipinos ever since it was approved. The Tax Reform for Acceleration and Inclusion (TRAIN) Act, officially cited as Republic Act No. 10963, is the initial package of the Comprehensive Tax Reform Program (CTRP) signed into law by President Rodrigo Duterte on December 19, 2017. The law took effect on January 1, 2018. It is the first package of the Comprehensive Tax Reform Program (CTRP) and one of the primary ways to achieve his administration’s vision for 2020 and 2040. According to the Department of Finance, TRAIN has the following provisions such as; reduced income tax rate of employees, zero-rating of sales of goods and services to separate customs territory and tourism enterprise zones, exemption from percentage tax of gross sales/receipts not exceeding five hundred thousand pesos (P500,000.00), exemption of various petroleum products from excise tax, fired combined cycle power plants, and earmarking or incremental tobacco taxes.