The passage of the second package of the Tax Reform for Acceleration and Inclusion law, also known as TRAIN-2, will face difficulties in the Senate.
“With people now conscious of prices, as a result of the tax reform implementation, coinciding with increases in prices of fuel, we may find difficulty in TRAIN 2,” Sen. Cynthia Villar said during the 21st Charter anniversary of 21st Charter Anniversary of Kabankalan, Negros Occidental.
According to Villar, majority of the senators would rather push for amending incentive benefits given to many industries.
The senator also assured that their review of the incentives will not lead to the closure of bigger and affect the employment of several people.
Last August 2, Senate President Vicente ‘Tito’ Sotto III has filed a bill for the implementation of TRAIN-2, which seeks to lower corporate income from 30% to 25% while providing benefits to growing enterprises.
The proposal is called Senate Bill 1906 also known as the Corporate Income Tax and Incentives Reform Act.
During the same day, the House Committee on Ways and Means approved ‘in principle’ TRAIN-2, also known as the corporate income incentives reform law.
During his third State of the Nation Address (SONA) last July 23, President Rodrigo Duterte said that the implementation of the TRAIN-1 should not be stopped, even if its blamed for the continuous increase in goods and services.
The President also called for the two Houses of Congress to pass the second package of the tax reform laws.