Mr. Marcos made the right decision in rejecting that bill that would have given tax perks to companies in the planned ecozone including San Miguel Corp.’s P740-billion international airport project, said Terry L. Ridon, a public investment analyst and convenor of think tank InfraWatch PH.
Mr. Ridon said the government could lose as much as P150 billion in income taxes for a 40-year income tax exemption. “With no hard cap or specic sunset provision on when the tax incentives end, the government will certainly lose even more.”cantly narrow” the country’s tax base. It is not “aligned with the government’s objective to develop a tax system with a broad base and low rates.”
Mr. Marcos said the proposed economic zone is near the special economic zone in Clark, Pampanga, which goes against the state policy of creating this in strategic locations. He added that the measure gives the economic zone authority blanket powers to handle technical airport operations in violation of existing aeronautical laws.
Source: News Formal (newsformal.com)
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