Congress to ratify tax reform bill on Monday

Congress is expected to ratify on Monday its reconciled comprehensive tax reform measure, two days before it goes on recess for the holidays, Senate Minority Leader Franklin Drilon said on Tuesday.

Drilon made the fearless forecast after he attended the second meeting of the bicameral conference meeting on the proposed Tax Reform for Acceleration and Inclusion (TRAIN) bill.

The senator said talks between the Senate and the House panels were moving and that “there were compromises being worked out.”

“We expect the bicameral conference report will be submitted for ratification to both chambers by Monday,” he said.

If the measure is signed into law, the new tax increases as well as income tax exemptions would take effect starting Jan. 1, 2018, according to Drilon.

Drilon said that among the compromises being worked out now was the excise tax on sugar-sweetened beverages.

Compared to the House version, the Senate bill proposed lower taxes for sugar-sweetened beverages except for those using high-fructose corn syrup.

The Senate had approved a lower rate of P4.50 a liter for beverages using caloric and noncaloric sweeteners, and imposed a tax of P9 a liter for beverages using high-fructose corn syrup.