By Meanne Corvera
Eagle News Service
The Senate Committee on Energy is slated to hold an oversight hearing next week to investigate abuses of small businesses and companies taking advantage of the Tax Reform for Acceleration and Inclusion law.
In an interview over Radyo Agila on Wednesday, Senator Sherwin Gatchalian said his committee would look into reports of grocery stores and gas stations imposing a hike on their products in December last year even before TRAIN took effect.
TRAIN was supposed to take effect only in January 2018.
“Titignan ang presyo ng petrolyo, kung tama ang pumapasok, pinapatong na excise tax..,” he added.
He said the committee would invite officials of the Department of Energy and the Department of Trade and Industry to the hearing as they have the power to sanction traders and companies found to have committed abuses.
“Sa aming pag-aaral, ang pagtaas ng excise tax (sa ilalim ng TRAIN) ay hindi makakaapekto ng malaki
sa presyo ng mga bilihin..,” he added.
The Department of Finance said TRAIN allows for “hefty income tax cuts” for taxpayers while “raising additional funds to help support the government’s accelerated spending on its ‘Build, Build, Build’ and social services programs.”
The agency said 99 percent of taxpayers would benefit from this.