Sen. Bam Aquino assured the public that the Senate will put the tax reform package being pushed by the Duterte administration under the microscope, saying lawmakers owe it to the people.
"Pagdating sa tax reform package, mukhang mahaba-haba pa ang mangyayaring debate tungkol dito," said Sen. Bam, vice chairman of the Committee on Ways and Means.
"We owe it to the Filipino people na kilatisin iyon kasi at the end of the day, tataas ang presyo ng bilihin dahil sa panukalang ito," stressed Sen. Bam, adding that the Senate cannot accede to the President request to pass the tax reform package in total.
In an earlier interview, Sen. Bam warned that the government's plan of imposing excise tax on liquefied petroleum gas, gasoline and diesel under its tax reform package will lead to higher prices of commodities.
"The excise tax on LPG, gasoline and diesel will raise prices eventually. It might be inflationary because everything is transported. This will affect the pockets of our countrymen," said Sen. Bam.
However, Sen. Bam said he supports the move to reduce personal income tax rate, saying it was part of his advocacy when he became a senator. "Hindi naman tama na iyong CEO at kanyang secretary ay parehong kinakaltasan ng 32 percent na income tax," said Sen. Bam.
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.
Source: Senate of the Philippines