Tuesday, September 25, 2018
Close  
  • share this

DOF hoping for swift Senate approval of tax reform

By: - Reporter / @bendeveraINQ
/ 04:21 PM July 25, 2017

The head of the Duterte administration’s economic team on Tuesday said he hoped the Senate would heed President Duterte’s call to swiftly approve the first tax reform package.

“With the President’s certification of the Tax Reform for Acceleration and Inclusion Act (Train) bill as an urgent and a priority measure, complemented by the personal appeal he made before our lawmakers in his Sona [state of the nation address], we are hopeful that the Senate will pass the measure soon enough so that it could be implemented possibly by the third or fourth quarter of the year,” Finance Secretary Carlos G. Dominguez III said in a statement.

ADVERTISEMENT

During his Sona last Monday, President Rodrigo Duterte called on the Senate “to support my tax reform in full and to pass it with haste,” citing the “urgency” of comprehensive tax reform in his administration’s reform agenda.

“These reforms are designed to be pro-poor, especially when the people understand how the revenues will be spent,” Duterte said.

“The passage of the tax reform law is needed to fund the proposed 2018 budget,” the President added.

The proposed budget amounts to P3.767 trillion, the biggest to date.

“The poor and vulnerable are at the heart of my tax reform,” Duterte said. “Your full support will ensure that the benefits of the tax reform can be felt immediately by them.”

The first tax reform package was aimed at slashing personal income tax rates while jacking up taxes on consumption.

Before Congress went on sine die adjournment, the House of Representatives approved House Bill (HB) No. 5636 containing the proposal of the Department of Finance, as well as other related measures, including a P10 per liter excise tax on sugar-sweetened drinks, among others.

The DOF had nonetheless admitted that the House-approved version was watered down and would raise less revenues than the original proposal, hence posing a risk to the country’s investment grade credit ratings.

During the recess, the Senate Committee on Ways and Means, chaired by Sen. Sonny Angara, conducted weekly public hearings on HB 5636 and related pending bills so that when Congress resumes, senators can immediately work on the tax reform proposal. /atm

ADVERTISEMENT

Read Next
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Carlos G. Dominguez III, Rodrigo Duterte, Sonny Angara, tax reforms, train
For feedback, complaints, or inquiries, contact us.
technology

Genetic editing kills population of malaria mosquitoes

September 25, 2018 09:51 AM

newsinfo

Roque vows to charge NFA chief over rice ‘mess’

September 25, 2018 09:38 AM

entertainment

Celine Dion to end Las Vegas concert residency next year

September 25, 2018 09:32 AM

preen

Let this speech from BTS be your inspiration today

September 25, 2018 09:27 AM



© Copyright 1997-2018 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.