Weekly Round-Up

This week's Round-Up featured stories on:

  • ITIC's Tax Consultations held in Kazakhstan
  • The IMF's release of the analytical chapter on Digital Government
  • 14 Transfer Pricing Country Profiles released by the OECD
  • A WCO Workshop on Digital Customs and E-Commerce held in Zimbabwe
  • The new Corporate Tax Reform Bill proposed in The Philippines
  • The new IMF Working Paper: Tax Incentives in Cambodia

Update on Tax Reform in the Philippines

The Tax Reform for Acceleration and Inclusion Act (TRAIN) is the first tax reform package of President Rodrigo Duterte's Comprehensive Tax Reform Program. In its current form, the TRAIN bill will reduce personal income tax rates, address personal income tax "bracket creep,” amend the estate tax, expand the value-added tax base, and remove a number of exemptions currently contained in the value-added tax. It also calls for increased taxes on fuel, new vehicles and coal, and introduces a new tax on sweetened beverages and cosmetics.