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Implementation of the TRAIN tax reform law
« on: January 07, 2018, 09:55:12 PM »
THE HONORABLE HENRY C. ONG
2nd District of Leyte

Vice Chair, Committee on Banks & Financial Intermediaries

HISTORIC TRAIN NECESSITATES BIR RESPONSIVENESS TO PUBLIC CLAMOR FOR CLARITY ON TRAIN IMPLEMENTATION, IMPACT

I again express my appreciation to the Bureau of Internal Revenue, but now particularly to Commissioner Caesar R. Dulay, for being responsive to our suggestion and the public clamor for further clarity on the details of the implementation of the TRAIN tax reform law.

In just these past first days of January 2018, the BIR has:

1) announced public consultations on the implementing guidelines for the TRAIN Law;

2) issued guidelines and an excise tax return for sweetened beverages; and

3) issued a revised computation table and procedures guide for withholding tax on compensation income.

The public consultations are scheduled for January 11 and 12 at the BIR National Training Center auditorium in Diliman, Quezon City.

The historic nature of TRAIN necessitates even further responsiveness. I am hopeful the BIR and the Department of Finance will help clear the air further about the impact of TRAIN with informative, easy-to-understand guides on how each of the new taxes will affect the finances of Filipino households, based on the final text of the TRAIN Law. Earlier DOF guides happen to have been based on earlier versions of TRAIN.

What is needed are rational estimates on the combined effects of the different TRAIN provisions on minimum wage earners, those who earn lower than minimum wage, the different middle class strata, as well as the upper middle class and the rich. Such information would counter any disinformation and misinformation that prey on the fears of the public.

Lastly, I reiterate my eagerness to work with the DOF and BIR on TRAIN 2. (END)

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