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Oct 3, 2017 @ 19:34

Ex-economic managers want Senate to bring back original DOF tax proposal

 

These economists see the original version as the best.

Former economic managers have been asking the Senate to reinstate the original tax reform package proposed by the Department of Finance (DOF), following alterations introduced by lawmakers that eroded the revenue gain of the measure.

The DOF said former Finance Secretaries Roberto de Ocampo and Margarito Teves, ex-Undersecretary Romeo Bernardo, and former Socioeconomic Planning Secretary Felipe Medalla said the original Tax Reform for Acceleration and Inclusion (TRAIN) provides the best mix of tax gains and reductions for the economy and the public.

In particular, the agency quoted Teves in lobbying for the passage of the measure in its original form to “enable the government to finance our growing needs as a developing country, such as accelerating infrastructure development, closing the gaps in health and education and improving social protection programs for the poor and marginalized.”

The TRAIN bill provides an additional P157 billion, versus the P59.9 billion which the Senate version can raise.

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