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[av_heading heading=’Good effects of tax reform to ‘outweigh’ price hikes – Palace’ tag=’h3′ style=’blockquote modern-quote’ size=” subheading_active=’subheading_below’ subheading_size=’15’ padding=’10’ color=” custom_font=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”][/av_heading]
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AFP
Traders blow their horns to celebrate the last day of trading for 2017 – Dec. 26 – at the Philippine Stock Exchange in Makati City on.
MANILA – The positive effects of the new tax reform program will outweigh the price hikes that will result from it, the Malacañang said Monday.
Taxes on certain goods such as fuel will be hiked starting this year, but the government has prepared certain measures to cushion the blow on consumers, Palace Communications secretary Martin Andanar said to assuage citizen fears of price increases from the passage into law of the Tax Reform for Acceleration and Inclusion (TRAIN).
Critics of the tax reform program have warned that while the measure lowers the personal income tax, among others, it will trigger spike in prices of some basic goods and services.
“Mas lumalaki po iyong pakinabang, mas malaki po. It outweighs – the positive… The pros outweigh vis-à-vis the TRAIN Law pagka’t ‘pag mayroon pong malilikom na mas malaking buwis ang ating gobyerno, ito po ay mapupunta rin sa iba’t ibang investments ng ating gobyerno at iba’t ibang mga proyekto,” Andanar said in a radio interview.
Andanar said more jobs will be created as a result of the investments funded by the revenues collected from the tax reform program.
He said the government will also distribute a P200 monthly financial assistance to those most affected by the consumer price hike in the first year of the implementation of the tax reform program. This will be raised to P300 in the second and third years.
Andanar, meanwhile, said the government welcomes criticisms against the tax reform package, which is expected to create P90 billion in revenues in the first year of its implementation.
“Kasama naman ‘yan sa demokrasya – iyong mga tumutuligsa, iyong mga critics, and of course kailangan po ay nandiyan ho talaga ‘yan, to also keep us in our toes,” he said.
“Saka ‘pag wala po ‘yan eh, hindi ho maganda iyong ating demokrasya, kapag hindi po natin hinahayaan ang ating mga kritiko at iyong mga kalaban sa pulitika na tayo po ay i-criticize… iyon ho talaga iyon.” (ABS-CBN News)
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