The Philippine Chamber of Commerce and Industry has expressed support for the second package of the Comprehensive Tax Reform Program of the administration or the Tax Reform for Attracting Better and High-Quality Opportunities, also known as the TRABAHO Bill.
In a press conference Tuesday, PCCI Alegria Sibal-Limjoco said the business group particularly backs the lowering of corporate income tax (CIT) from the current 30 percent to 20 percent in a span of 10 years.
Sibal-Limjoco noted that cutting the CIT rate “will be good for micro, small, and medium enterprises.”
She added that the PCCI also supports the rationalization of fiscal incentives under the tax reform bill.
“Now for the incentives, I think it’s about time that we really to put time bound, because right now it’s forever. Now, are they not going to invest in our country or what? But I just read to you (media), that investments are growing despite what we are saying about TRABAHO (Bill),” she added.
Government data showed last week that foreign investment pledges in the second quarter of the year surged by 70 percent to USD31 billion from USD18 billion in Q2 2017.
“We would like to look more on the positive that would be good for our small and medium enterprises,” the PCCI chief said.
The TRABAHO Bill was already approved on third and final reading at the House of Representatives. (PNA)