Wednesday 19 December
Dec 22, 2017 @ 19:53

Here are 5 things that Duterte vetoed under the tax reform bill

 

Small-value fees collected by the self-employed and exemptions for some fuel products will still be taxed, despite some provisions approved by Congress.

President Rodrigo Duterte used his veto power on five items under the Tax Reform for Acceleration and Inclusion (TRAIN) law which he signed as Republic Act 10963 on Tuesday, Dec. 19.

Although Malaca?ang has yet to release the full text of the tax bill, Duterte has released a veto message to explain why he opted to exclude certain provisions from TRAIN, as recommended by his economic managers.

Among those vetoed are the exemption from percentage tax on gross receipts for professionals and the self-employed covering transactions worth below P500,000. Duterte said it was “unnecessary” to exempt these from taxes, as the goal was to raise more revenues from these income earners.

The President also vetoed preferential rates given to expatriates and executives of multinational companies at 15% of gross income, noting that the prescribed tax rates under the new brackets should likewise apply.

The zero-rating of imports to tourism enterprise zones and customs territories, case-specific exemptions for fuel excise tax, and the earmarking of revenues raised from higher tobacco taxes were also removed from the Congress’ version of the TRAIN bill.

Read Duterte’s full message here:

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