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Enlightened by the position of the Department of Finance (DOF), Senate President Vicente “Tito” Sotto III is now ready to push for the passage of the second package of the Tax Reform for Acceleration and Inclusion (TRAIN 2).
This was contrary to the claim earlier made by Senate Majority Leader Juan Miguel Zubiri that the proposal has no takers in the Senate.
READ: TRAIN 2 faces derailment at Senate despite Duterte push
“I’ll file a counterpart,” Sotto said in a text message on Tuesday, noting that DOF Undersecretary Karl Chua’s explanation of the measure’s benefits were “very enlightening.”
“It opened my eyes. We should debate on it in the Senate,” he said.
Asked what Chua’s specific argument had convinced him to support the proposal, Sotto said: “That SMEs will benefit reducing their taxes and reduction of tax incentives of big income corporations.”
TRAIN 2 would cut corporate income taxes and rationalize tax incentives given to investors.
Sotto said he would file the measure within the day.
Just last week, Zubiri said senators were nervous about TRAIN 2 and no one wanted to sponsor it in the chamber. /muf