House amenable to reconcile with Senate version of tax reform bill

FILE: The House of Representatives is amenable to reconciling differences with the Senate version of the Tax Reform for Acceleration and Acceleration (TRAIN) bill, a House leader said on Monday. (Photo by Coat of Arms of the Philippines, Public Domain)

MANILA — The House of Representatives is amenable to reconciling differences with the Senate version of the Tax Reform for Acceleration and Acceleration (TRAIN) bill, a House leader said on Monday.

In a press conference, House Ways and Means Committee chairman Dakila Cua said that once a bicameral conference committee is convened, he will propose to patch up the two versions of the TRAIN bill based on their impact on the economy, industry, and consumers, as well as the projected revenue projections.

Cua expressed hope that both chambers could draw up a bill that would increase the bill’s impact at the “optimal level”.

“I would like to propose to the other chamber to bring their notes as well as in terms of impact on the economy, impact on the consumer, and revenue projections so that we can discuss based on those parameters,” Cua said.

Cua, in a separate interview, said that the non-negotiable provision that should be retained from the House version is the personal income tax exemption of PHP250,000.

The House version seeks to exempt workers earning PHP250,000 annually from paying personal income taxes, while the Senate version proposes a 150,000 across the board income tax exemption for wage earners.

The House and Senate versions also differ in the provisions on the excise tax rates on petroleum and sugar-sweetened beverages.