By NORA SORINO
Iligan City Bureau Chief .
ILIGAN City – Similar to the first package, the second bill of the Tax Reform for Acceleration and Inclusion (TRAIN) proposes to cut corporate income taxes, but this should correspond with lower tax incentives including the salaries of the employed and self employed.
Thus said in last week forum facilitated by the Chamber of Commerce and Industry Foundation, Inc. (CCIFII), the Mindanao State University- Iligan Institute of Technology, the Junior Philippine Institute of Certified Accountants (JPIA).
The train Law signed by Pres. Duterte December 19, 2017 provides increase in take home pay of salaried individuals.
Resource speaker Francis J. Ricamora, CPA briefed participants, that individuals, those who are salaried, and even those who are self-employed, provided has no other sources, with an income of P250,000 will no longer pay income taxes beginning January 2018.
But inflation sets in as there are increases in prices of goods, especially in oil and petroleum products even as there are increases too in excise taxes in donors and allied taxes.
Ricamora said that Congress is hesitant though to pursue with fervor Train 2 as this might not sit well with the people specially that next year is an election year.
With the present Train Law, educational businesses do not take into account increases in prices of educational materials like books and other goods related to education. So, they will correspondingly increase tuition fees.