DESPITE the negative effects of Tax Reform for Acceleration and Inclusion (TRAIN 1 Act), allies of President Rodrigo Duterte yesterday passed another tax measure with a vote of 187-14 and three abstentions.
Approved on third and final reading was House Bill 8083 or the “Tax Reform for Attracting Better and High-Quality Opportunities” or TRABAHO Bill.
Authors changed the measure’s name to TRABAHO Bill from TRAIN 2, because they said it would create job opportunities and better businesses once enacted into law.
The bill seeks to encourage investments by bringing down the corporate income tax rate from 30 to 20 percent and modernize investment tax incentives to enhance fairness, improve competitiveness, plug tax leakages and attain fiscal sustainability.
The TRABAHO Bill, the second package of the Comprehensive Tax Reform Program, also aims to ensure that the grant of fiscal incentives helps bring in the greatest benefits, such as higher and more dispersed investments, more jobs, and better technology.
It was principally authored by House Committee on Ways and Means Chairman Dakila Carlo Cua.
Speaker Gloria Macapagal-Arroyo ordered the committee and the majority to fast track the approval of the measure.