Tax reform package on track for implementation in January

The Department of Finance sees on-schedule implementation by January next year of the first package of the comprehensive tax reform program that will slash personal income tax rates and raise imposts on consumption after the Senate version was filed last Wednesday.

In a statement yesterday, Finance Secretary Carlos G. Dominguez III thanked the Senate committee on ways and means chaired by Sen. Sonny Angara for its endorsement for plenary approval of Senate Bill No. 1592 or the upper house’s version of the Duterte administration’s Tax Reform for Acceleration and Inclusion (Train).

Dominguez said the DOF was grateful to the Senate ways and means committee “for its patience and commitment” to President Duterte’s comprehensive tax reform program.

Also, Dominguez said the DOF was looking forward to working with the panel in the Senate plenary to finalize the Train bill in a form that would bring the most benefit to the people while ensuring fiscal responsibility.

“We respect the noble intention of the senators to amend the DOF proposal based on their learned judgment and after due consultation with stakeholders,” Dominguez said. —BEN O. DE VERA