Home / Business / Sotto says 'unnecessary' to suspend full tax reform law

Sotto says 'unnecessary' to suspend full tax reform law

MANILA – Calls to suspend or repeal the tax reform law are "unnecessary" because it contains many "good" provisions, Senate President Vicente Sotto III said Friday.

Sotto said the Tax Reform for Acceleration and Inclusion or TRAIN Law allows the suspension of excise taxes on fuel if certain conditions are met.

"The call for the TRAIN law to be suspended or repealed is unnecessary because there are many good things in the TRAIN law, the income taxes and all that," he told ANC's Headstart.

"As far as the excise tax is concerned, talagang may mga nasasaktan (As far as excise tax is concerned, some will feel the pinch). If it’s necessary, then we can look into that. If you want the suspension of that, there is a provision there to suspend it," he said.

The first tranche of tax reforms raised duties on on fuel and sugar-sweetened drinks from Jan. 1. It also reduced personal income tax rates.

At least 2 lawmakers called for its suspension after inflation in April exceeded government target and quickened to 4.5 percent.

Sotto said the Senate could also look into amending the first package of tax reform when the chamber tackles the second package.

Let’s block ads! (Why?)

Business

About

Leave a Reply

Your email address will not be published. Required fields are marked *

*