Sotto mulls sponsoring TRAIN 2

ABS-CBN News

Posted at Jul 31 2018 12:31 PM | Updated as of Jul 31 2018 07:53 PM

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MANILA- (UPDATE) Senate President Vicente Sotto III on Tuesday said he is considering sponsoring the second tranche of tax reforms in the upper chamber of Congress. 

The second package of the Tax Reform for Acceleration and Inclusion (TRAIN-2) aims to lower corporate income tax from 30 percent to 25 percent and modernize incentives in order to attract new and growing industries. 

"I am now seriously contemplating on filing the version in the Senate," Sotto told radio DZMM. 

Sotto said he will study the finance department's TRAIN-2 proposal and may file a Senate bill on Wednesday.

"It appears that it will be beneficial for Small and Medium Enterprises (SMEs) and they comprise 65 percent of our economy," he told reporters in a text message.

Senate Majority Leader Juan Miguel Zubiri, however, said last week that TRAIN 2 is unlikely to get the Senate's approval. 

A new tax law directed at the business sector, he said, would shoo away investors, which would lead to more job losses.

TRAIN's first tranche, implemented last January, raised duties on sugar-sweetened drinks, fuel, and cars. It was blamed for the fast inflation.  -with a report from Sherrie Ann Torres, ABS-CBN News