January 20, 2017
Bam: Let's not burden Filipino families with higher tax and prices
Any tax measure that burdens Filipino families with higher prices would go through the proverbial eye of the needle in the Senate, assured Sen. Bam Aquino.
"Any measure that will increase prices, babantayan namin iyan. For me, it's something that every Filipino family doesn't want to see, an increase in prices," said Sen. Bam in a television interview.
"Walang pagtaas ng tax na hindi maaapektuhan ang mga Pilipino," he added.
The senator made the pronouncement in connection with the government's plan to impose P6 to P10 excise tax on diesel under its tax reform agenda.
Sen. Bam said the government's plan "is little bit of a hard sell" but senators are expected to tackle the measure during plenary debates where they will listen to positions of different stakeholders.
"I think during the plenary debates, a lot of figures will be presented to us. We will listen to reason and different parties. Titingnan natin kung ano ang epekto nito sa presyo ng bilihin at sa national budget," said Sen. Bam.
In particular, Sen. Bam wants to determine the exact effect of the planned imposition of excise tax on diesel fuel to prices of goods and agricultural products transported by diesel-powered vehicles to markets in different parts of the country.
In the 17th Congress, Sen. Bam has filed Senate Bill No. 697 that seeks to revise the current income tax bracket set by the National Internal Revenue Code, which was passed in 1997.
The measure seeks to amend Section 24 of the National Internal Revenue Code of 1997, as amended, by adjusting the levels of net taxable income and simplifying the nominal tax rates for the purposes of computing the individual income tax.
If enacted into law, Sen. Bam said the measure effectively lowers the taxes on the 22-million Filipino working class, allowing them to enjoy a higher net income and increase their purchasing power.
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