Effects of Tax Reform for Acceleration and Inclusion (TRAIN) Law Implementation Among Jeepney Drivers: Basis for Crafting a Financial Plan

Abstract

Tax Reform for Acceleration and Inclusion (TRAIN) Law aspires to develop a tax system that is simpler, more just, more effective, and more efficient in order to fund government goals and initiatives. This study sought to answer the following: 1)The demographic profile of jeepney drivers in terms of: 1.1Age, 1.2Gender, 1.3Civil Status, and 1.4Number of family members. 2)The perceived effects of TRAIN Law among Jeepney Drivers in terms of: 2.1Income, and 2.2Expenses. 3)Significant difference on the perceived effects of Tax Reform for Acceleration and Inclusion (TRAIN) Law affecting the Jeepney Drivers when grouped according to their demographic profile. 4)The proposed financial plan for Jeepney Drivers. This quantitative study, a descriptive form, focused and assessed the effects of TRAIN law implementation on their financial aspects, notably their income and expenses. Purposive sampling was used to collect data from seventy-five (75) jeepney drivers who own and operate traditional jeepneys in San Jose Del Monte, Bulacan. The proposal of implementing a higher excise tax and a lower income tax to balance the tax flow is only favorable for just a few, but not for jeepney drivers. The researchers recommend the jeepney drivers to consider the financial plan provided, and the LGUs to conduct seminars on proper budgeting.