‘Train’ boosts consumer demand – DoF
THE implementation of the first package of tax reform boosted consumer demand, which resulted in increased sales of retail firms and fast food chains, an official of the Department of Finance (DoF) said.
“The significant growth in sales reported by retail establishments and restaurants point to the fact that people now have more money to spend as a result of the hefty PIT cuts under Train, which is now benefiting 99 percent of our taxpayers,” Finance Assistant Secretary Antonio Lambino said in a statement released on Wednesday.
Implemented beginning January, Train, or the Tax Reform for Acceleration and Inclusion Act, exempts those earning annual taxable income of P250,000 and below from paying personal income tax or PIT.
Lambino said retail giants and fast food chains like Robinsons Retail Holdings Inc., Philippine Seven Corp., Puregold Price Club and Max’s Group Inc. all reported more robust sales since implementation of the Train law this year. MAYVELIN U. CARABALLO
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