The Junior Financial and Investment Executives (JFINEX) from Sacred Heart College (SHC) held its first Financial Literacy this school year last November 8, 2019 at the SHC Covered Court entitled “An In-depth view of Train Law: The Pros and Cons”. Second and third year students from the Bachelor of Science in Business Administration major in Financial Management attended the seminar to know more about the tax reform.
Mr. Mark Joseph F Illustrisimo, is a Certified Public Accountant, Certified Fraud Examiner, Audit Manager at the Amici Group of Companies, Independent Tax Practitioner, In-house Resource Speaker at Based on Scientia Inc. and a Professor at SHC, served as the guest speaker in the seminar.
Mr. Arnel L. Cadeliña, MBA, RREA, JFINEX Moderator, gave an opening message saying how important it is for the students to be aware of the tax reform, how the changes instituted affect their lives as students as well as their future. The Tax Reform for Acceleration and Inclusion (TRAIN) Act, officially cited as Republic Act No. 10963, is the initial package of the Comprehensive Tax Reform Program (CTRP) signed into law by President Rodrigo Duterte on December 19, 2017.Taxes are levied in country, primarily to raise revenue for government expenditures, the speaker provided important rules, the changes in the tax system and the responsibilities of each students as future finance people.
Mr. Illustrisimo explained the changes in personal income tax, estate tax, donor's tax, value added tax, and the excise tax of tobacco products, petroleum product, automobiles, sweetened beverages, and cosmetic procedures. According to him the changes instituted by the Train Law is expected to increase revenues to finance infrastructure, healthcare and education programs of the current administration. He also gave some precautions about failure to comply with tax duties, how important it is to comply, and also provided some tips about taxes.
JFINEX officers and members as well as their moderator, Mr. Arnel L. Cadeliña, awarded Mr. Mark Joseph F. Illustrisimo, seminar speaker, a certificate of appreciation and a token of gratitude for his expertise and time.