Citing the AmCham’s official statement, the DOF said the business group has formalized its support for the Tax Reform for Acceleration and Inclusion Act, which contains the first package of the administration’s Comprehensive Tax Reform Program. File

US businessmen back tax reform
Mary Grace Padin (The Philippine Star) - September 30, 2017 - 4:00pm

MANILA, Philippines — The American Chamber of Commerce of the Philippines has expressed its support for the government’s tax reform program, which it described as “fair and progressive” while providing additional revenues to fund the government’s programs, the Department of Finance (DOF) said.

Citing the AmCham’s official statement, the DOF said the business group has formalized its support for the Tax Reform for Acceleration and Inclusion Act, which contains the first package of the administration’s Comprehensive Tax Reform Program.

“The American Chamber of Commerce of the Philippines (AmCham) strongly supports the comprehensive tax reform legislation of the Duterte administration (known by the acronym TRAIN) in its overall goals,” AmCham said in its official statement.

The American business group also said it supports the tax reform program as it “is fair, progressive, improves tax collection, funds physical and social infrastructure, and supports investors.”

TRAIN is also seen to incentivize individuals and corporations to work, save and invest, and impose a significant burden of taxation based on consumption, it added.

AmCham said the bill adjusts the current personal income tax rates that have been unchanged since 1997 and resulted in less take-home pays for employees every year.

“Our employees deserve to have the real purchasing power of their earnings returned to them in recognition of their labor,” the group said.

AmCham said the tax reform bill also improves tax collection through reforms – including the use of electronic receipts and  the streamlining of procedures in the Bureau of Internal Revenue – and encourages investments by retaining incentives for exporters.

The group said additional revenues to be generated from the TRAIN bill will not only fund physical infrastructure, but also social infrastructure to provide Filipinos with better education, transportation and health care.

Last May 31, the House of Representatives passed its own version of the TRAIN, as contained in House Bill 5636. The Senate version, Senate Bill 1592, is undergoing plenary deliberations.

It aims to simplify the country’s tax system by lowering personal income taxes and unifying donor and estate taxes, among others.

To offset the projected revenue loss from the adjustment in the personal income tax, the bill also proposes the adjustment of fuel and automobile excise taxes and the expansion of the value-added tax (VAT) base.

Philstar
Facebook
  • Latest
  • Trending
Latest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

SIGN IN
or sign in with
Read and share the latest news
whenever and wherever you are.
Top Stories
Features the most relevant stories,
exclusive content, analyses and special reports.
As It Happens
Get bite-sized highlights and up-to-date
information as the news breaks.
Latest
View the most recent
stories of the day.
Log-in
Lorem ipsum dolor sit amet,
consectetur adipiscing elit.
Quisque justo est, auctor vel ullamcorper.
Log-in
Lorem ipsum dolor sit amet,
consectetur adipiscing elit.
Quisque justo est, auctor vel ullamcorper.
How to follow As It Happens stories
STEP 1
Click the story in the As it Happens section.
How to follow As It Happens stories
STEP 2
Click "Follow Story" for updates on the news.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam eu metus vitae felis tincidunt finibus ut id sapien. Integer volutpat dui eu malesuada dignissim. Sed varius justo nulla, fringilla convallis sem porta sed.
How to follow Author
STEP 1
Click on the author's name in the article.
How to follow Author
STEP 2
Once you click on the author's name, you will be
brought to the Authors page. Click "Follow Author"
to stay updated on the author's works
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam eu metus vitae felis tincidunt finibus ut id sapien. Integer volutpat dui eu malesuada dignissim. Sed varius justo nulla, fringilla convallis sem porta sed.
How to follow Tags
STEP 1
Click on a tag in the article.
How to follow Tags
STEP 2
When you click on a tag, it will take you to the
dedicated tag page where you'll see the article
viewed, along with other stories with that tag.

Click the "follow tag" button to stay updated on
the topic.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam eu metus vitae felis tincidunt finibus ut id sapien. Integer volutpat dui eu malesuada dignissim. Sed varius justo nulla, fringilla convallis sem porta sed.