A tax expert and adviser of the Department of Finance (DOF) has urged senators to fast-track the passage of Senate Bill 1408 or the “Tax Reform for Acceleration and Inclusion Act (TRAIN)” bill because the expected revenues could fund the infrastructure program of the Duterte administration. Asked which sectors would be affected by the tax reform package, Diaz identified the companies engaged in oil, car, and soft drinks, including smugglers and tax evaders. He said the passage of the TRAIN bill would ease the burden on the official development assistance (ODA) and loans from countries like China, and Japan, among others, that would be used to fund the government’s “Build, Build, Build” program. “Build Build Build” projects mostly involve building railway systems, additional roads, and ports. Diaz said the Senate must pass bill by October before the two houses of Congress could deliberate on the 2018 budget.

Source: Manila Times July 05, 2017 06:33 UTC