Marcos raised the possibility that the alleged abuse was being made up to justify the so-called “rationalization” of such incentives as the low five percent tax on gross income earned .
“Fundamental questions have been left unsettled” by the Department of Finance and National Economic Development Authority to justify a removal of tax incentives for exporters, Marcos said. Marcos agrees with a cut in CIT to move closer to tax rates as low as 15 percent in neighboring countries but adds that the removal of tax incentives would discourage foreign investment and worsen joblessness in the country even after a vaccine for the Covid-19 pandemic is found.
The value of Philippine exports also dwindled to $24.809 billion in January to June this year, a loss of $6.6 billion from the $31.367 billion recorded in the same period up to July last year.
open the economy nalang and remove foreign restrictions para masapawan mga rentseekers.
Those tax privileges never made those companies competitive. Example Big Dipper