THE DEPARTMENT of Finance (DoF) touted the effectiveness of lower personal income tax (PIT) rates under the Tax Reform and Acceleration and Inclusion (TRAIN) law, after large firms report an increase in sales in the first half.
“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 Joselito G. Lambino II said in a statement on Wednesday, Aug. 22.
The DoF cited Philippine Seven Corp., who holds 7-Eleven convenience stores, as an example where retail sales grew 22.7% to P22.2 billion year-on-year in the first semester.
It also said that Robinsons Retail Holdings Inc., Puregold Price Club, and Max’s Group Inc. had reported increases in retail sales in the second quarter. — Elijah Joseph C. Tubayan