SENATOR Bam Aquino has warned any tax measure that would burden Filipino families with higher prices would go through the proverbial eye of the needle in the Senate.
The senator issued the warning in connection with the government’s plan to impose P6 to P10 excise tax on diesel under its tax reform agenda.
He said the government’s plan “is little bit of a hard sell” but senators were expected to tackle the measure during plenary debates where they would listen to positions of different stakeholders.
“I think during the plenary debates, a lot of figures will be presented to us. We will listen to reason and different parties,” Aquino said.
In particular, Aquino wants to determine the exact effect of the planned imposition of excise tax on diesel fuel to prices of goods and agricultural products transported by diesel-powered vehicles to markets in different parts of the country.
In the 17th Congress, Aquino filed Senate Bill No. 697 that seeks to revise the current income tax bracket set by the National Internal Revenue Code, which was passed in 1997.
The measure seeks to amend Section 24 of the National Internal Revenue Code of 1997, as amended, by adjusting the levels of net taxable income and simplifying the nominal tax rates for the purposes of computing the individual income tax.
If enacted into law, Aquino said the measure effectively lowers the taxes on the 22 million Filipino working class, allowing them to enjoy a higher net income and increase their purchasing power.