On 14 December 2017, the Congress of the Philippines ratified the Tax Reform for Acceleration and Inclusion (TRAIN) bill, which is to be signed into law by the president before the end of the year and enter into force on 1 January 2018. The reform measures include a reduction in the personal income tax burden, including an exemption for income up to 250,000 annually, as well as the expansion of the value added tax base with the removal of certain VAT exemptions, the introduction of a tax on …