Senators told by Finance Secretary to approve TRAIN 2
Finance Secretary Carlos Dominguez III has called on senators to approve the second package of the Tax Reform for Acceleration and Inclusion law (TRAIN 2), which seeks to rationalize investment incentives, reduce corporate income tax to 20% from 30%, and streamline tax incentives. The proposed law sponsored by Senate President Vicente Sotto III remains pending before the Senate Ways and Means Committee. Senators have aired their reservations about the measure, citing possible job losses and investment slowdown—a view shared by industry groups, business chambers and even incentives-granting agencies such as the Philippine Economic Zone Authority. Business process outsourcing firms have also expressed concerns. President Rodrigo Duterte wants the bill passed before the year ends.
Read more at The Manila Times.
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