Foreign bizmen want tax reform plan for PH too
They may not directly profit from this change, but the gains are definitely worth it.
Foreign business leaders have voiced support for the first package of the Tax Reform for Acceleration and Inclusion Act (TRAIN), which the government wants to implement by Jan. 1, 2018.
The measure seeks to reduce personal income taxes while raising the duties on other commodities like fuel and sugary drinks.
“We applaud the administration for taking the initiative and embarking upon this major effort. We definitely support the fact that [TRAIN] will maintain a responsible fiscal framework that will include funding for the public sector, for fiscal and social infrastructure, which will benefit the poor as well,” said Julian Payne, whi represents the Joint Foreign Chambers of the Philippines (JFC).
Payne is the president of the Canadian Chamber of Commerce of the Philippines.
He further described the TRAIN bill as a “key factor in transforming the country into an investment-led economy that truly benefits the poor and grows a strong middle class.”
A next step they are raring to see is the reduction in corporate income taxes, which he said will bring in more investors to the country.
It will also make these businessmen happy with deeper pockets.