By HANNAH TORREGOZA
Senator Juan Edgardo “Sonny” Angara, on New Year’s Eve, expressed hope that reforms under the Tax Reform for Acceleration and Inclusion (TRAIN) law would finally bring about inclusive growth to all Filipinos especially the poor.
Angara, chair of the Senate ways and means committee said, that while he acknowledges there’s more work to be done to improve the country’s tax system, he is vouching that the initial tax reforms to be rolled out under the TRAIN law would be beneficial to all Filipinos.
The TRAIN law became effective yesterday.
Under the new tax system, small businesses will enjoy reduced taxes and simplified filing of tax and payment processes while poor households will be given unconditional cash transfers.
“We are hopeful that these reforms under TRAIN would bring growth to our families and to our nation,” Angara said in a statement.
“With this law, we have created a simpler, fair, and more efficient tax system where 99 percent of individual tax payers will benefit from income tax cuts,” he said.
“This new measure is just the beginning. There is more work ahead of us in making taxes work for us, especially the poor, who must benefit more from government services,” he added.
Borrowing the words of President Duterte, Angara said the Senate’s work ahead shall focus on “cutting the poverty rate to 14 percent and making the Philippines an upper middle class country by 2022.”
“My wish and hope on the advent of New Year 2018 is that we will be able to work together as a nation to transform our dreams into reality,” the senator said.
“Every new year brings hope and opportunity for growth and success for our family, as well as our country, and a chance to become better individuals and citizens,” he stressed.
