Palace hails US firms for tax reform support

ABS-CBN News

Posted at Oct 01 2017 05:23 PM

MANILA - The support of the American Chamber of Commerce of the Philippines (AmCham) for President Rodrigo Duterte's tax reform package has "added a strong voice" for its passage, Malacañang said Sunday. 

"We are pleased with the expression of support of the American Chamber of Commerce of the Philippines on the Comprehensive Tax Reform Program," Presidential Spokesperson Ernesto Abella said in a statement. 

"AmCham has added a strong voice for the passage of the Tax Reform for Acceleration and Inclusion Act (TRAIN), which is now set for plenary deliberations in the Senate." 

The first package of the tax reform bill pending in the legislature seeks higher taxes on fuel and sugar-sweetened beverages and the removal of some exemptions to offset a planned reduction in income tax rates.

The new tax measures, Abella said, are expected to raise P133.8 billion in 2018 to fund the administration’s infrastructure and anti-poverty programs. 

"The poor and the vulnerable, as the President’s economic team explains, are at the heart of our tax reform," he added. "With better infrastructure and social services, we would improve productivity and living standards of our people." 

The AmCham has formalized its support for the plan's first package of the tax reform plan, the Department of Finance said Friday.