Businessmen seek details, updates on proposed Tax Reform Package

METRO Bacolod Chamber of Commerce and Industry Chief Executive Officer Frank Carbon said the business sector is asking for details and updates on the Tax Reform Package which was part of the campaign promises of President Rodrigo Duterte.

The Tax Reform Package includes tax exceptions for minimum wage earners with an annual salary of up to P250,000 and lowering of the income tax for corporations from 30 percent to 25 percent.

Carbon said that as a balancing act, the Department of Finance submitted a counter proposal for the imposition of excise tax on fuel products which will be done gradually.

It has been proposed that an excise tax of P3 per liter will be imposed on all petroleum products this year, with an additional P2 per liter on 2018 and P1 per liter on 2019, for a total of P6 per liter.

Carbon said public utility vehicle (PUV) drivers and operators would not be deeply hurt by the proposed excise tax because they have been given cash cards to get discounts from gasoline stations.

“For now we cannot yet make a position because we haven’t seen the draft of the proposed Tax Reform Package that’s why we want to ask for the copy so that we can study its advantages and disadvantages and present it to the public,” he added.

Carbon said although the drivers and operators of PUVs won’t be hurt by the excise tax, but once diesel prices go up, it has a domino effect on other industries such as the manufacturing business.

Negros Occidental Third District Representative Alfredo Benitez said the Tax Reform Package is still subject to discussion.

“There are no final details yet, but we will push for it,” he added.