Business groups call on Congress to pass corporate tax bill

Big business groups have called on the Senate to pass a bill reducing corporate income taxes, saying this could attract investments at a time when global trade is slumped due to the coronavirus outbreak.Senate Bill 1357

The CITIRA bill, which is the second tax package after the Tax Reform Acceleration and Inclusion law, will trim the corporate income tax rate from 30 percent to 20 percent over 10 years, while gradually removing tax breaks for investors. This is expected to make the country a more competitive investment destination versus its neighbors like Thailand and Vietnam.

The groups prefer the Senate version, saying the scheduled tax rate reductions in the first five years would"reduce uncertainty" among players. The seven-year transition would also prevent dislocation and give time for companies to adjust operations. The Philippine Chamber of Commerce and Industry also said it backs the group's call for the passage of the bill.

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