No 'last-minute' changes made in tax reform bill, lawmaker says

IMAGE_UNTV_NEWS_112817_SENATE HEARING

No 'last-minute' changes made in tax reform bill, lawmaker says

The measure, once signed into law, is expected to generate P130 billion, which will fund the Duterte administration's "Build Build Build" program, construction of public school facilities, and potable drinking water supply in public places, among others.

Inquirer reported that ratification of the Duterte administration's Tax Reform for Acceleration and Inclusion measure was delayed after a last-minute impasse between senators and congressmen over taxes on local coal.

"With so many moving parts, we will only come to know the welfare and economic impact when TRAIN rolls next year", AER said.

The ratified TRAIN, Angara said, contains provisions that ensure "further reduced" income tax rates. The Philippine tax bill will help fund President Rodrigo Duterte's six-year US$180 billion 'Build, Build, Build' programme - Reuters pic MANILA, Dec 14 - The Philippine Congress approved late yesterday a tax reform bill President Rodrigo Duterte needs to push ahead with his economic agenda.

ACT Teachers Party-list Representative Antonio Tinio said there were only a few lawmakers at the session hall when the bicameral report was taken up at around 10 p.m. for approval.

"Since there was no quorum and no actual vote was taken, the alleged ratification is clearly invalid", he stated.

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The 13th month pay and other bonuses of up to P90,000 would not be taxed under the bill.

"We estimate the bill to be net revenue positive", Fitch said in a statement, adding it bodes well for progress of other reforms over the next couple of years.

Presidential spokesperson Harry Roque said TRAIN, together with the complementary measures to be passed early in 2018 will yield more than 120 billion pesos (2.38 billion U.S. dollars) in revenue.

Both chambers-the Senate and House of Representatives-voted to pass the bicameral conference committee report after reconciling differences of their respective versions. "It's part of the law, and we accept that", Dominguez said on the sidelines of the Holcim Philippines Geocycle coprocessing tour in Norzagaray, Bulacan on Tuesday.

Finance undersecretary Karl Kendrick Chua said the remaining one-third involves provisions on the estate tax amnesty, a general tax amnesty, the adjustments in the Motor Vehicle Users Charge, amendments in the bank secrecy law and automatic exchange of information.

Ramon Monzon, PSE president, said while the increase may seem "very small" and "insignificant" in absolute terms, it remains a 20 percent increase over the previous tax slapped on stocks transaction, which increases the "friction" cost or expenses that is associated with a financial transaction.

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Doubling the excise tax rates of all non-metallic minerals and quarry resources, and all metallic minerals including copper, gold and chromite;Tax of four percent for automobiles with a net manufacturer;s price of up to P600,000.

But senators maintained that the government stands to lose P5 billion if the local coal industry continues to enjoy the excise tax exemption it had been enjoying since 1976, or the past 41 years.

Disgusted that the Bicam committee finally agreed to cut the proposed P300 excise tax imposition by 50 percent, Suarez did not sign the report, dramatizing an apparent protest.

Kerosene will also be subject to excise tax; Php 3 in 2018, Php 5 in 2019, and Php 6 in 2020.

The ratified TRAIN also provides for varied increases in petroleum products, "but ensures to keep to a minimum the increases for liquefied petroleum gas, diesel and gasoline", which are commonly used by most households.

"We're now ready for the TRAIN to leave the station", Dominguez told reporters after the bicameral committee approved its consolidated version of the tax package.

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