Gov't preparing more tax reform programs in 2018

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Metro Manila (CNN Philippines, December 22) — Fresh off the passage of the tax reform law, Finance Chief Sonny Dominguez announced on Friday there's even more to come.

The Department of Finance will file the second package of Tax Reform for Acceleration and INclusion (TRAIN) on January 15, 2018.

Similar to the first package, this will reduce income taxes, but this time for businesses. To offset the tax cut, the bill will also revoke some of the tax perks businesses receive.

Another component of TRAIN — dubbed Package 1-B — is also with the Congress already.

The Finance department said lawmakers assured this would be passed within the first quarter of 2018.

The bill will offer tax amnesty for general purposes, but also specifically for estate taxes.

At the same time, it will suspend bank secrecy for cases of tax evasion and fraud.

"Part B will raise another P38 to 49B and we expect that to be passed by the first quarter of the year," he said.