In order to promote MSME development and increase awareness on tax reforms toward inclusive growth, the Department of Trade and Industry (DTI) R02 together with the Agriecor Inc. and Center for Strategic Reforms of the Philippines (CSR Philippines) conducted a Tax Roadshow on Tax Reform for Acceleration and Inclusion (T.R.A.I.N) Bill on November 7, 2017.
The event was graced by the Philippine Tax Whiz and Founding President of CSR Philippines and also the Founding President and Chief Strategy Officer of the Abrea Consulting Group (ACG), Mr. Raymond “Mon” Abrea.
The tax roadshow which was participated in by MSMEs, DTI Officials and some staff aims to promote tax education and reform among entrepreneurs and professionals and also to educate and empower individuals and businesses in paying the right taxes.
The event commenced with a message from OIC Regional Director Ruben B. Diciano delivered by Mr. Pedro Guimmayen, Chief of Staff of the Office of the Regional Director. In his message, he mentioned that the tax roadshow would discuss and explain the T.R.A.I.N Bill as well as its impact and implications to the MSMEs and its intent to change the current tax system to make it simpler, fairer and more efficient. He also welcomed the guests from the Agri-Economical Growth through Relevant Initiatives Engaging Competency and Optimizing Resources Incorporated (AGRIECOR Inc.) represented by its Chief Operating Officer, Ms. Kaye Zita Alquiza while Ms. Leovilda S. Tumaliuan, Small and Medium Enterprise Development Division (SMEDD) Chief introduced the speaker for the activity, Mr. Raymond “Mon” Abrea.
Mr. Abrea presented the Blueprint of Genuine Tax Reform. He also answered some Frequently Asked Tax Questions such as ways to avoid taxes legally, difference between tax avoidance and tax evasion, ways to reduce monthly Value-Added Tax (VAT) remittances and other tax exemptions.
Other topics he discussed were Inefficient Tax System, High Income Tax Rates, Individual Income Tax, Compliance Cost in the Philippines, Top 10 Common Tax Penalties/Violations for Start-ups, National Government Tax Revenues, Overview of the T.R.A.I.N Bill, Simplifying the Tax System, Bonus and VAT Exemptions, Impact on Taxpayer’s Personal Income, Excise Tax and Seal of Honesty Certification Program.
An open forum was also conducted to facilitate their queries and concerns related to tax. A closing message was delivered by Mr. Samuel Garcia, President of the Philippine Chamber of Commerce and Industry – Cagayan Chapter.