QUEZON CITY, Philippines (Eagle News) — Senator Franklin Drilon is asking his fellow senators to consider giving fiscal incentives to business enterprises as said entities will bear most of the impact of the new Tax Reform Law.
Drilon reasoned that many businesses will be affected by the new law, especially with its provisions increasing taxes on gasoline, electricity and tobacco products.
Such taxes could be passed on by businesses to consumers and, according to Drilon, will make useless the tax exemptions granted by the new law to ordinary citizens.
Because of this, Drilon said that it would be good if businesses that would not pass on the burden of additional taxes to the public or consumers will be given some incentive.
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