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Sunday, June 18, 2017
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MANILA – Congress’ approval of the Department of Finance-proposed tax reform measures will further increase investors’ confidence to the Philippines.
This was stressed by Finance secretary Carlos Dominguez III, who hopes for the approval of the Comprehensive Tax Reform Package (CTRP) before end-2017.
The House of Representatives approved, on a 246-9 vote with one abstention, its version of the first package of the proposed bill, Tax Reform for Acceleration and Inclusion Act (TRAIN), last May 31.
The first tax reform package covers the cut in personal income tax (PIT), negative impact of which on revenues are seen to be countered by the increase in excise taxes on oil and vehicles.
It is seen to provide state coffers additional Php133.8 billion, or about 0.8 percent of gross domestic product (GDP), in 2018 alone, which would be used to finance the Duterte administration’s expansive infrastructure program as well as programs on education, health, and social protection.
Dominguez dubbed the result of the vote “overwhelming”, noting that the thumbs up “shows how seriously they consider the tax reform because it benefits the far majority of Filipinos, and everyone wants to see the economy grow and benefit them in the coming years.”
Senators will resume deliberations on the tax reform bill once sessions start in July.
“We hope to get this through our Senate and passed into law before the year ends. Enactment of this package will send a strong signal to the investment community that this government means business,” Dominguez told businessmen who attended the recent Hong Kong Chinese Enterprises Association and the Bank of China Forum. (PNA)
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