House approves Trabaho (Train 2) bill on final reading
THE House of Representatives approved on third and final reading the Tax Reform for Attracting Better and High-quality Opportunities (TRABAHO) bill — the second tranche of the Duterte administration’s comprehensive tax reform program.
With 187 voting in the affirmative, 14 in the negative, and 3 abstentions, the lower chamber has adopted House Bill 8083.
The bill aims to gradually cut the corporate income tax (CIT) rate from 30 percent to 20 percent over 10 years and to rationalize fiscal incentives for foreign and local businesses.
The chamber approved the bill on second reading last Sept. 4.
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