Zubiri calls for probe vs illegal profiteers of TRAIN Law | Inquirer News
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Zubiri calls for probe vs illegal profiteers of TRAIN Law

/ 03:54 PM January 18, 2018
Zubiri

Senator Juan Miguel Zubiri. INQUIRER.net / CATHY MIRANDA

Senator Juan Miguel Zubiri said he is poised to file a resolution asking to conduct an inquiry into the reported illegal price increase and profiteering made by some unscrupulous businesses after the Tax Reform Acceleration and Inclusion (Train) Law took effect last Jan. 1.

In a press briefing on Thursday, Zubiri, who chairs the Senate trade, commerce and entrepreneurship panel, said he was alarmed over the reported price increases even without the advise of the Bureau of Internal Revenue (BIR), Department of Finance (DOF), and the Department of Trade and Industry (DTI).

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“Naalarma nga ako na nagkaroon ng price increases na wala pang utos ang BIR, DOF, wala pang IRR (implementing rules and regulations). Obviously some sectors are taking advantage,” the senator said.

(I was alarmed by the price increases without the orders of the BIR, DOF, without the IRR.)

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“So, ako ay sumasang-ayon na magkaroon ng hearing sa trade and industry para malaman natin kung may undue advantage at kung may profiteering,” he added.

(I clearly agree to conduct a hearing by the trade and industry [committee] to know if there was undue advantage and there was profiteering.)

In a bid to protect consumers, Zubiri said he would file, probably on Monday, his resolution.

“This is consumer protection, we will include in the agenda of the trade and commerce committee to look into the profiteering we will invite DTI Secretary Ramon Lopez to assure us that there is no profiteering,” he said.

The senator also warned of the possible penalties awaiting those who would take advantage of the passage of the Train law to fool the consumers.

“Meron retail trade legislation, meron naman talaga penalties sa mag nagkaroon ng illegal profiteering on TRAIN,” he said.

(There is a retail trade legislation, there are penalties against those who will be found conducting illegal profiteering on TRAIN.)

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While the tax-free cap of 13th month pay and other bonuses were increased to P90,000, and the tax income exemption was raised to P250,000 under the TRAIN law, higher excise taxes would be imposed on fuel products, cars, tobacco, and sugar-sweetened beverages. /jpv

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Gov’t warns unscrupulous firms of using TRAIN to gain unfair profit

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TAGS: BIR, illegal increase, price hike, profiteering, Train, Zubiri
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