SENATE President Vicente Sotto III on Saturday said his bill for the second package of the government’s tax reform program has a chance to be approved before the 2019 Elections.
According to Sotto, the Tax Reform for Acceleration and Inclusion (TRAIN) 2 might be granted if proven that it would benefit the micro, small, and medium enterprises (MSMEs).
“If it is indeed good and if my assumption is correct that it would benefit the MSMEs, it has a chance of getting passed,” Sotto, speaking in Filipino, said during an interview at AM radio station DWIZ.
Sotto filed the Corporate Income Tax and Incentives Reform Act for TRAIN 2 (Senate Bill No. 1906), which got a cold reception from other senators following the supposed negative effects of TRAIN 1 on the prices of goods.
Under the second installment of the tax reform, Sotto said corporate taxes would be “rationalized.”
Sotto, however, admitted that it wouldn’t pass Senate if the concerned committee were to conduct voting for the bill right now.
“If the voting takes place, it will not be passed. It won’t even get to the floor,” he said.
He admitted the bill might face rough sailing if senators spot disadvantageous provisions.
“If there are parts that we haven’t seen that might later be judged to be detrimental, it will have difficulty passing the Senate,” Sotto said.