Senate President Aquilino “Koko” Pimentel on Thursday mentioned financial managers led by Finance Secretary Sonny Dominguez and Budget Secretary Ben Diokno should persuade senators that the inflationary impact of the proposed tax reform bundle of President Rodrigo Duterte could be cheap and managed to so as to guarantee its passage within the higher chamber,
Pimentel mentioned the Senate could be convened right into a committee of the entire to listen to out Duterte’s financial managers to clear up what he termed as a “misappreciation” of information by some senators.
“Marami pa ring nag ke claim na inflationary ito. So ite test natin ito, dapat pakitaan kami ng mga expert ng mga computer simulation kung talaga bang inflationary ito o hindi. Wala namang masama talaga sa inflation for as long as it is reasonable and controlled,” he mentioned.
“Kailangan kung ano yung nawala sa tax relief ay mapunuan in new taxes para ang tawag dyan revenue neutral, parang walang nagbago sa financial condition ng bansa. Hence, wala dapat mag alala that something bad will happen. That’s it,” Pimentel added.
The Senate chief mentioned that whereas wage earners would get pleasure from P140 billion in tax cuts, financial managers have been hoping to realize P270 billion in further revenues from TRAIN or web tax enhance of P130 billion.
“Mali, kasi ang iba doon sa P270 billion ay hindi new tax imposition but greater or better efficiency in tax collection by the BIR (Bureau of Internal Revenue) and by the Customs. Hindi na po yung new tax measures. Hindi po yun new tax imposition but these are new taxes to be collected based on old tax laws. So mali po yun,” he mentioned.