Senator Bam Aquino | Photo by Morexette Erram
For Senator Paolo Benigno “Bam” Aquino IV, passing and enacting the second tax reform package will have a hard time getting its approval from the Senate.
Aquino said that with no favorable response from the business sector, the Tax Reform Acceleration and Inclusion (TRAIN) 2 will be difficult to push.
“Mahihirapan ‘yan sa Senado. Wala kaming nakausap na member ng business group na pabor sa Train 2,” said Aquino in a press interview with reporters in Cebu City.
Aquino also said the private sector is worried that this may result in severe losses.
“Lahat nangamba dun sa Train 2. So, it’s very simple for me. The sector itself is very worried about the law. Aalis sila at mawawalan nang trabaho. Bakit pinipilit isabatas nato?” he said.
TRAIN 2 is currently being deliberated by Congress.
It seeks to “rationalize and modernize” the number of incentives being offered by the government to companies to make it “more equitable and effective in creating jobs, industry development and attract more foreign direct investments and generate more revenues.”
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