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Senator Juan Miguel Zubiri delivers his speech at the opening of the Third Regular Session of the Senate
PHOTO / NIÑO JESUS ORBETA
The Second Package of Tax Reforms of the Administration Duterte could face a rise in the Senate According to the leader of the majority, Juan Miguel Zubiri
no one is willing to sponsor the package if the House of Representatives submits it to the Senate, said Zubiri. President Rodrigo Duterte on Monday launched the reforms in his speech on the state of the nation in Congress and said he hoped this measure would be promulgated by the end of the year. .
The Second Tax Reform Package for Acceleration and the Inclusion Act (TRAIN) Focuses on Streamlining Tax Incentives Granted to Investors and Reducing Taxes. 39, corporate income tax.
million. Zubiri said senators were nervous about the second officials that he would not affect employees and small businesses.
Move to Vietnam
"But the fact is, many businesses and industries are already complaining to us that they are looking to take his shop elsewhere. said that if their incentives were removed, they would move to Vietnam, "he told reporters.
"Let's talk about it completely, I do not want to lose jobs because of that, nor do we want to lose job opportunities in the future," he added. .
Mr. Zubiri also stated that Senators wished to study in the first place the effects of the first tax reform, known as the TRAIN Act 1. Inflation Rise
The TRAIN Act lowered income tax rates for many employees, but increased excise taxes on fuel, among other products. He was also blamed for the rise in inflation.
Zubiri said the finance officials had asked him to guide the second package of tax reforms by the Senate, but he refused.
"Nobody wants to sponsor here, I can"
The tax measure is discussed in the House, which will submit it to the Senate
Zubiri said the president could do everything possible and ask his allies in the Senate to backtrack the tax reform package, but lawmakers would explain their position on the issue.
"I believe it is our responsibility as legislators and representatives of the people to make known to the President, what are the possible outcomes, "he said.The CEO may not be aware of the situation, as the information he received from his closest advisers could be filtered out, he added.
Meanwhile, Senator Bam Aquino continued to press for amendment in the TRAIN Act, his bill is intended to suspend and reduce the excise tax on fuel once the rate is over. d & # 39; infla average inflation exceeds the annual inflation target over a period of three months.
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