Bayan Muna chairman Neri Colmenares and Bayan Muna Rep. Carlos Isagani Zarate today hit the Department of Finance (DOF) for their missed TRAIN revenue by the end of August.

“The much ballyhooed TRAIN law is an utter
failure and the revenues it was supposed to generate were far from true. The TRAIN Law only gave us higher taxes and price shocks but the supposed increased collections did not happen,”said Colmenares

“Based on reports, TRAIN law only netted P10.6 billion, which is way below target by 74.1 percent for the first 8 eights months of the year,” he added.

“Department of Finance (DOF) documents showed that the additional revenues collected by the Bureau of Customs (BOC) and the Bureau of Internal Revenue (BIR) from January to August were far from the the target P41 billion supposed to come from the TRAIN Law’s revenue,” said the progressive leader.

Rep. Zarate meanwhile pointed out that “instead of supposedly posting a net revenue gain for the end of August for the BIR of P500 million, it posted a P17-billion loss. The BOC also only earned P27.6 billion, a glaring miss of the P40.4 billion of its eigth month target.”

“Data from the DOF also showed that ‘the petroleum excise taxes only got P31 billion, 26% short of its P41.8 billion target. While taxes from sugar-sweetened beverages onky netted P24.9 billion or 30.6% below its P35.9 billion target. As for coal, the DOF only got P600 million or just 50% of its P1.2-billion target. Also the DOF just netted P100 million from the new excise tax on cosmetic procedures as of the end of August. Lastly, the value added tax (VAT) charted a P13 billion net loss of P13 billion or just above 50% of its P25.2 billion eigth month target,” added the Davao-based solon.

“Using data from the DOF itself shows that the TRAIN law failed to achieve its own set of targets and failed miserably in its own collection. Our people are now overburdened by this regressive tax measure and it should be scrapped now,” ended Rep.Zarate.###

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