Senate to take a second look at TRAIN 2components

Senate President Vicente Sotto III said he might call for a caucus with the majority bloc to discuss the second tax reform package or the Tax Reform for Acceleration and Inclusion (TRAIN) 2.

President Duterte’s economic managers earlier said they would try to convince senators in passing the second tranche of the TRAIN law.

“I’ll probably call for a majority caucus and get the sense of my colleagues before I can give an accurate reading,” Sotto said in a text message.

The Senate leader, however, did not give any details when pressed to reveal when he intends to convene for a caucus or whether this would be after the Department of Finance (DOF) holds a briefing on the benefits of the so-called TRABAHO bill.

Senators have expressed fear that the TRABAHO bill may lead to loss of employment opportunities, massive layoffs and loss of foreign direct investments when enacted into law.

Finance Undersecretary for Strategy, Economics and Results Group earlier wrote Sotto that they would hold a press briefing on the TRABAHO bill as part of their efforts in engaging with stakeholders on the importance of the passage of the

of the Duterte administration’s Comprehensive Tax Reform Program.

In a media briefing last week, Chua and other finance officials insisted that TRAIN 2 is independent of the current and future inflation as the measure solely focuses on lowering corporate income tax for corporations, especially for micro, small and medium enterprises or MSMEs.

Sotto earlier broached the possibility that the TRAIN 2 may be have a bigger chance of getting approved in the 18th Congress.

“If you are talking about the version that has been broadcast, it would be really hard to hurdle. But the version I’m hopeful of the version that I’m talking about, but if its really impossible they should re-file it on July 2019,” Sotto said in a recent press briefing.

Sen. Juan Edgardo Angara, chairman of the Senate ways and means committee, meantime expressed hope that the Senate would prioritize the passage of Senate Bill No. 2059 or the proposed Tax Amnesty Act of 2018.

According to the DOF, the said proposal could yield up to R36 billion in government revenues.