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Friday, December 22, 2017

HR specialist lists five positive impacts of Tax Reform Program

Reymond Castro and his Facebook post, photo compiled from Facebook
The items in the newly approved Tax Reform Acceleration and Inclusion Program, while may seem like a head scratcher at first, perfectly makes sense, according to a netizen.

Reymond Castro, in his Facebook page listed down the five benefits of the TRAIN program approved by the 17th Congress.



He said that if done right, the following can happen in the next five years:

Smooth transition from Jeepneys to the more modern EJeepneys. According to Castro, the move will allow operators to find the scrapping of the Jeepneys to be "much acceptable", as the operating cost is much cheaper in maintaining the Ejeepney.

He added that it will provide for a cleaner source of energy.

"The high excise tax on fuel and coal (which leave high carbon footprint) will force businessmen (and hopefully the government too) to invest in finding a renewable and clean source of energy."



The TRAIN, which also sets taxes on certain food products, according to Castro will pave the way for "Healthier food choices", as it taxes only food which are unhealthy and contain sugar.

 Hybrid Cars will also replace Fuel-based cars, he said, adding that  with excise tax exemption, there is high hope that car manufacturers invest more in producing cheaper hybrid cars available to the market.

Because of that, Castro said that the TRAIN will provide for cleaner quality of air.

"If we get cleaner alternative source of energy, and the roads are dominated by Hybrid Cars (much better if we get better public transport), our quality of air will improve in the long run. Take into account that smokers will be heftily affected by increased tax on tobacco products in conjunction to nationwide Smoking Ban."



He said that amongst many benefits from the program, such are the standouts for him.

Both houses from Congress have ratified the bill last week, two days after a bicameral conference committee reconciled differing provisions of the Senate and House versions.

TRAIN is the first package of the government's Comprehensive Tax Reform Program (CTRP) and aims to raise revenues for the administration's programs.

The bill was signed into law by President Rodrigo Duterte on Tuesday.

Source: Reymond Castro

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