The Department of Finance (DOF) has assured the public that the second package of the Tax Reform for Acceleration and Inclusion (TRAIN) act will not result in substantial job losses. On the contrary, DOF Undersecretary Karl Kendrick Chua described TRAIN 2 as a “job-creating reform”. He said that the new tax incentives system will be performance-based, targeted, time-bound and transparent. If there will be job losses, Chua said they will only be temporary since the long-term effect on employment will be “positive”. He also disagreed that those firms that no longer receive tax incentives will experience job losses. The DOF is intending TRAIN 2 to lower corporate income tax and to rationalize fiscal incentives, and not to remove them altogether. The government will continue to give incentives, but to “deserving” firms only, said Chua.
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