- In the news today, President Rodrigo Duterte's economic team is reportedly pushing for the 2nd slice of Tax Reform for Acceleration and Inclusion(TRAIN) law
- This drive is apparently amid strong opposition, as reports expressed
According to Rappler, the economic team of President Rodrigo Duterte is reportedly "pushing hard for the approval of the 2nd tranche of the Tax Reform for Acceleration and Inclusion (TRAIN) law," and apparently, this is all "amid strong opposition."
KAMI learned that the Department of Finance (DOF) is reportedly "proposing to cut corproate income tax and modernize fiscal incentives."
These supposed reforms were said to be "necessary," according to economic managers.
However, the report continues to express, and we quote:
"But the 2nd TRAIN package has very few champions and many opponents."
Apparently, the deliberations are moving at the House of Representatives, but the Senate is reportedly heedful regarding the matter.
The report continued to state that Senate President Vicente Sotto III reportedly expressed that his colleagues apparently fear the proposal would bring another motion of inflation.
Nevertheless, the Senate President was apparently previously quoted saying, and we quote, according to the news:
"no senator wanted to sponsor the measure."
But then on Tuesday, July 31, 2018, Senate President Vicente Sotto III reportedly said that he is
willing to sponsor the said reforms as long as the Department of Finance(DOF) can assure him it will not head to new or higher taxes, as the report continued.
Moreover, two of the nation's top promotion investment agencies have reportedly spoken out against the measure of the said reforms as well.
According to the report, quite a few businesses have raised their concerns, too.
CNN just reported that Senate President Vicente Sotto said that the Finance Undersecretary Karl Chua explained to him the advantages of benefits of the proposed tax measure, especially on "micro, small and medium enterprises."
He reportedly said:
"Dito sa TRAIN 2 mukhang makikinabang talaga dito yung small and medium enterprises kaya malaking bagay yung maibaba yung binabayaran nilang taxes na ang mangyayari naman kasi mas lalakas ang negosyo nila kapag mas malaki ang income nila."
And he added, and we quote:
"Yun namang rationalization of tax incentives na aming binabanggit na nakahiwalay na bill meron talaga dun sa loob ng TRAIN 2 at yung mga ilang daang bilyong pinakikinabangan ng malalaking korporasyon na hindi naman naibibigay sa atin sa coffers ng gobyerno eh dito maira-ationalize at maisa-saayos."
In the video below, timestamp 10:00, report stated that House Speaker Gloria Macapagal Arroyo is reportedly also supporting the 2nd Train law, as she wants to prioritize the passage of the latter.
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