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SOME small business owners are in agreement with some members of the Senate who have requested the suspension and review of the Act on Accelerating Tax Reform and Inclusion ( TRAIN).
"If this law is suspended, I will support it one hundred percent," said Stephanie Lahoylahoy, owner of a small restaurant.
She said that as a small business owner, TRAIN is She added that if TRAIN was to be suspended, she expected that sales would increase because more consumers would then have access to products.
Juarez, owner of the sari-sari store, said that she does not expect a suspension to help. "Prices have not only gone up because of the TRAIN law, there is inflation, and it's global," Juarez said.
Some business leaders in Cebu also expressed their opinion on the issue, opposing the suspension of the law.
"I am not in favor of suspending TRAIN 1, as this could affect our credit rating and the financing of infrastructure projects under the Build, Build, Build program," said Antonio Chiu, president of the Cebu Chamber of Commerce and Industry (CCICC)
A provision of TRAIN stipulates that the increase of excise tax on fuel may be suspended if world prices reach a certain level and aim to protect consumers.
Glenn Soco, former president of the Chamber of Commerce and Industry of Mandaue
Chiu and Soco said that a review could be done, but they said that there was no need to stop its implementation for now.
Chiu added that the increase in inflatio n n not only due to TRAIN 1 but also to many other factors. to make the Philippines more competitive by simplifying the rules and making them more equitable for all taxpayers.
The TRAIN Act, known as the Republic Act 10963, is the first of five potential packages in the comprehensive tax reform program to correct a number of deficiencies in the tax system. (Jerra Mae Librea, trainee USJ-R)
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