TRAIN

Sen. Bam to gov’t: Guarantee financial assistance before price increase

Senator Bam Aquino urged the government to ensure that financial assistance for the poor through the cash transfer program is implemented by the time the tax reform program is rolled out.
 
“Mahihirap na pamilya ang masasagasaan ng tax reform dahil sa pagtaas ng bilihin. Kaya dapat talagang isabay ang financial assistance sa pagpapatupad ng TRAIN sa Enero 2018 kapag ito’y naisabatas,” Sen. Bam said in a radio interview.
 
Sen. Bam was referring to the financial assistance that will be given to poor Filipino families to help them absorb the brunt of the effects of the Tax Reform for Acceleration and Inclusion (TRAIN) once it is enacted into law and implemented in January 2018.
 
Under the Senate version of financial assistance, poor families will be given P300 a month for three years.
 
During the period of amendments, Sen. Bam worked for the retention of the financial assistance program in the Senate version of the measure and pushed for its implementation on January 2018 to help the poor Filipinos bear the brunt of the expected increase in prices of basic commodities and services.
 
However, the Department of Finance (DOF) said it cannot implement the cash transfer program and the TRAIN at once but will try to do so.
 
Even the Department of Social Welfare and Development (DSWD) stated that they cannot roll out the cash transfer program in January 2018, as they still need to finalize the database of families, among other preparations.
 
“Sana makita natin sa final version na magkasabay ang programang iyan para sa mahihirap. Kung may mangyayaring pagtaas ng presyo, dapat kasabay sa Enero ang tulong na ibibigay sa kanila,” said Sen. Bam.
 
“Kailangan masiguro natin na may makukuhang suporta ang ating mga mahihirap na kababayan na magsisilbing pambalanse sa mga epekto ng panukalang ito, kabilang na ang pagtaas ng presyo ng bilihin,” Sen. Bam added.
 
Aside from the financial assistance, Sen. Bam pushed for the amendment to exempt micro-enterprises from paying the 3% percentage tax, on top of their income tax exemption.
 
With Sen. Bam’s amendment, micro-entrepreneurs like sari-sari stores, vendors, and farmers would enjoy tax-free status and be spared from harassment by tax agents. The senator also proposed to simplify bookkeeping records and requirements for micro businesses. Sen. Bam’s amendments would come at no additional cost to the government.

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.

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