tax reform PH

Sen. Bam votes to stop TRAIN from passing Congress

The tax reform package will increase prices for all Filipinos without the necessary safeguards to protect our poor countrymen.
 
This is the reason given by Senator Bam Aquino as he rejected the approval of the Tax Reform for Acceleration and Inclusion or TRAIN.
 
While Sen. Bam is a co-author of the income tax reform bill and is in full support of increasing the take home pay of many Filipino working class, he voted no to the bundled tax reform package due to the provisions on excise tax on fuel and sweetened beverage tax, which will lead to higher prices of goods and services. 
 
“I cannot, in good conscience, vote for the approval of this tax reform package. Hindi ako pabor sa mga probisyon na magdudulot ng pagtaas ng presyo ng bilihin, lalo na dahil ang mga mahihirap na Pilipino ang pinaka tinatamaan dito,” said Sen. Bam on his no-vote for the tax reform package.
 
To cushion the blow to the poor, the Department of Finance proposed a cash transfer program with a P200 monthly financial assistance on the first year and P300 monthly financial assistance for the second and third year to help cover the increase in prices of basic goods.
 
But during the period of amendments in the Senate, Sen. Bam’s proposal requiring the financial assistance mechanism to be in place before taxes are increased was not accepted.
 
“Hindi dapat ipataw ang mga bagong tax na magpapataas ng presyo ng bilihin, tulad ng excise tax on fuel, hangga’t hindi nasisigurado ng gobyerno na magiging maayos ang unconditional cash transfer program,” Sen. Bam stressed.
 
The DOF admitted that they cannot implement the financial support program for poor families in time for the price increases because of TRAIN next year.
 
The senator also lamented that the government is forcing hardworking Filipinos to compensate for our inefficiency in tax collection of both the Bureau of Customs and the Bureau of Internal Revenue (BIR).
 
Based on data from the Finance Department, Sen. Bam said the government can still collect an additional P726 Billion or 6.44% of GDP if we simplify, address inefficiencies and remove loopholes in BIR.
 
The government can still collect at least P231 billion or equivalent of 2% of GDP if the P1.8 Trillion importation gap or smuggling is resolved by BOC.
 
“Para sa pamilyang Pilipino, lalo na para sa mga mahihirap nating kababayan, kontra po ako sa pagtaas ng buwis at pagtaas ng presyo,” Sen. Bam said.

Sen. Bam: No more taxes for micro businesses

Micro enterprises earning less than P250,000 annually will no longer be required to pay percentage taxes thanks to the amendment pushed by Sen. Bam Aquino on the proposed tax reform program.

 During the period of amendments on the Tax Reform Acceleration and Inclusion Act (TRAIN), Sen. Bam pushed for an amendment that exempts micro enterprises earning below P250,000 from paying percentage tax, on top of their income tax exemption.

“Exempted na sa percentage tax ang mga fishball vendors, sari-sari store owners, pati ang mga magsasaka at mangingisda na kumikita ng 250,000 pesos or less sa isang taon,” said Sen. Bam Aquino, a former social entrepreneur and principal sponsor of the Go Negosyo Act.

“We moved for this amendment because we have received many reports that some micro businesses are being required to pay the 3% percentage tax,” Sen. Bam added.

 Sen. Bam said the amendment will ensure a tax-free status for our micro entrepreneurs and free them from harassment by tax agents, at no additional cost to the government. The senator also proposed to simplify bookkeeping records and requirements for micro businesses.

 Sen. Bam is thankful to Sen. Sonny Angara, chairman of the Committee on Ways and Means, for accepting both these amendments in support of the micro enterprise sector.

 “Protektahan natin ang kita ng mga maliliit na negosyo at kabuhayan ng maraming pamilyang Pilipino,” said Sen. Bam, adding that this will help one million Filipinos or more.

 The Senate will continue to deliberate on the amendments to the TRAIN on Monday. “We will ensure that this amendment will make it to the end,” said Sen. Bam.

Sen. Bam: Increase in taxes will hit poor Filipinos

Sen. Bam Aquino said the proposed tax reform measure would lead to higher prices of basic goods and other services if the government insists on passing it.

“Alam naman natin na ang pagtaas ng bilihin ay napakasakit sa bulsa ng maraming Pilipino,” Sen. Bam said in a radio interview.

But without the necessary number to block its passage, Sen. Bam said the minority could only work on easing the measure’s burden on the public.

“Kaya sinisikap naming siyasatin ang lahat ng probisyon. Ang binabantayan namin sa minority ay masiguro ang mga benepisyo sa tao, tulad ng pagkakaroon ng bagong bracketing sa personal income tax,” added Sen. Bam, vice chairman of the Committee on Ways and Means.

“Para naman sa mahihirap nating kababayan, hindi dapat ipataw ang mga bagong tax na magpapataas ng presyo ng bilihin, tulad ng excise tax on fuel, hangga’t hindi nasisigurado ng gobyerno na magiging maayos ang unconditional cash transfer program,” Sen. Bam stressed.

“Kailangan matiyak na mayroong makukuhang tulong kada buwan mula sa pamahalaan ang mga mahihirap na pamilya upang mabalanse ang pagtaas ng presyo ng bilihin,” Sen. Bam said.

Sen. Bam assured that minority senators are working to ensure that the public will be able to bear the brunt of the proposed tax reform measure, especially with the expected rise in prices of basic commodities and other services.

“Sana mas maging aktibo ang taumbayan, na kung ayaw nating tumaas ang bilihin, dapat magsalita tayo. Dumulog tayo sa ating mga congressman at senador kasi masakit sa pamilyang Pilipino kapag nagkaroon ng pagtaas sa presyo ng bilihin,” added Sen. Bam.

In the 17th Congress, Sen. Bam has filed Senate Bill No. 697 that seeks to revise the current income tax bracket set by the National Internal Revenue Code, which was passed in 1997.

The measure seeks to amend Section 24 of the National Internal Revenue Code of 1997, as amended, by adjusting the levels of net taxable income and simplifying the nominal tax rates for the purposes of computing the individual income tax. 

If enacted into law, Sen. Bam said the measure effectively lowers the taxes on the 22-million Filipino working class.

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