The Asian Consulting Group conducted a TRAIN seminar at the General Membership Meeting of the Philippine Chamber of Commerce and Industry – Quezon City (PCCI-QC). The event was held at the Oriental Palace, Quezon City on Friday, August 31, 2018. The exclusive event was attended by members of PCCI-QC, comprised of business owners and entrepreneurs.
The Philippine Tax Whiz Mon Abrea led the discussion on the second package of the Comprehensive Tax Reform Program.
The Tax Reform for Attracting Better and High-quality Opportunities (TRABAHO) bill proposes to lower the corporate income tax rate and rationalize the incentive system. It will also implement several administrative changes that will make paying taxes more efficient.
Among these administrative changes are measures against tax evasion. According to Abrea, the administrative changes are just as important as the other two major portions of the tax reform package.
The tax expert further compared the previous proposals for TRAIN 2 and compared each with the substitute TRABAHO bill.
As a social enterprise, ACG promotes the development of SMEs as catalysts of economic growth. TRABAHO, in combination the recently-passed Ease of Doing Business Act of 2018, will improve the country’s attractiveness to investors. As part of its advocacy, ACG conducts seminars and tax coaching for startups in order to help them avoid earn more by avoiding unnecessary compromises and penalties.