“We in the Minority will work to make sure TRABAHO works.”
This was the assurance given by Minority Leader and Manila 6th District Rep. Benny Abante Jr., who in a press briefing said members of the Minority will properly scrutinize the Tax Reform for Attracting Better and High-quality Opportunities (TRABAHO) bill, several versions of which have been refiled in the 18th Congress.
“We can all get behind the objectives of the bill, which is to attract investments.”
“This measure will have a huge impact on the economic fortunes of our country, and will get the attention and scrutiny it warrants,” said the legislator, who thanked the Department of Finance (DOF) for briefing members of the Minority regarding the bill on Tuesday.
“We can all get behind the objectives of the bill, which is to attract investments and encourage business in the country,” stressed Abante.
“However, we have to make sure that we are able to do that without adversely affecting government revenues, which we need to support vital government programs,” the lawmaker added.
“The members of the Minority will, however, still be doing our due diligence. Many of my colleagues still have some unanswered queries.”
According to the solon, the DOF assured members of the Minority that the measure would be revenue neutral.
“The members of the Minority will, however, still be doing our due diligence. Many of my colleagues still have some unanswered queries, and we look forward to hearing the feedback from the DOF on the matters we raised yesterday.”
The House of Representatives had approved the TRABAHO bill on third and final reading in September last year.
The measure seeks to reduce the current 30% corporate income tax (CIT) rate by two percentage points every two years from 2021 to 2029 until it reaches 20%.
It likewise aims to reform the country’s fiscal incentives system to make it targeted, transparent, time-bound, and performance-based.