Malacañang has welcomed the passage of House Bill 5636 or the Tax Reform for Acceleration and Inclusion Act that it said will lead the country a step towards the golden age of infrastructure.
Presidential spokesperson Ernesto Abella said yesterday that the tax reform package, once passed, will raise an estimated R162 billion in annual net revenues, something which is vital to the realization of the Duterte administration’s ambitious “Build, Build, Build!” infrastructure program.
“We recognize that the members of the House of Representatives have approved on its third and final reading House Bill No. 5636. The passage of the comprehensive tax reform bill is estimated to raise R162 billion in net revenues every year – an important component of the “Build! Build! Build!”
infrastructure program,” Abella said in a press briefing in Malacañang.
“We expect to be steering the Philippines towards the golden age of infrastructure and will propel economic growth within the next five years,” he added.
The House of Representatives overwhelmingly approved the comprehensive tax reform package on third and final reading Wednesday.
President Duterte has certified the tax reform package which contains the first batch of tax reforms being proposed by the Department of Finance.
In a letter submitted to Senate President Koko Pimentel and House Speaker Pantaleon Alvarez, Duterte noted that the tax reform is necessary to “achieve a simpler, more equitable and more efficient tax system.”
(Argyll Cyrus B. Gecudos)
