Another round of forum on the Tax Reform Acceleration and Inclusion (TRAIN) law will be done by the local office of the state internal revenue agency, an official said Friday.
Bureau of Internal Revenue (BIR) district officer Vicente Gamad of District 36 said around a hundred participants are expected to attend the symposium that will be spearheaded by the Philippine Institute of Certified Public Accountants (PICPA)-Palawan Chapter which will be held on February 26, 2018.
“Kami sa BIR ang resource speakers dito. This time initiated ito ng PICPA,” he said, saying those who will be attending are business owners, tax practitioners and accountants from local government units (LGUs).
Gamad explained that during the first forum on TRAIN in January, the BIR focused more on the explanation of the TRAIN on withholding taxes of the employees and job order workers of the government.
This time, however, they will be discussing the other aspects of the first package of the tax reform law, such as the expansion of the value-added tax (VAT) base, and correction of inefficiencies of the tax system, among others.
He said the TRAIN law’s intention is to lower compensation taxes for low-income Filipino earners, while increasing excise taxes for fuel, sweetened beverages, and the likes to spur economic development in the country.
“Malaki at maraming projects ang dapat na pondohan ng national government,” he said.
Massive infrastructure projects under the “Build! Build! Build!” of the current administration will not only provide employment opportunities to a substantial number of people but also push the national economy, as well as local economies.