Senate struggles to pass TRAIN bill by year-end
Updated November 17, 2017 – 12:00am
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MANILA, Philippines — It will be difficult, but the Senate will try to pass the proposed Tax Reform for Acceleration and Inclusion (TRAIN) before the end of the year, leaders of the chamber said yesterday.
Angara said the realistic timetable is for the Senate to pass the TRAIN is in January.
“We will try our best (to pass the tax bill by December),” Recto told reporters, adding “there’s a lot of fiscal pressure in the government and I look at this also in the issues on debates for the budget.”
He said the rehabilitation of Marawi City is putting a lot of pressure on the government financially, as well as additional requirements to upgrade the capability of the Armed Forces and the Philippine National Police in light of increased terror threats among many other new fiscal requirements.
Angara said many of his colleagues have proposed amendments to raise the ceiling of tax exemptions for fixed-income workers.
Under the Senate version, the first P150,000 annual taxable income will be exempted, while retaining the P82,000 tax exemption for 13th month pay and other bonuses, and the maximum P100,000 additional exemption for up to four dependents.
Other senators want the exemptions to be raised to P250,000.
Angara said this translates to an approximate tax-exempt monthly income of P25,000 for workers with four dependents—in line with President Duterte’s campaign promise to exempt workers earning P25,000 and below from income tax.
