More than 30 business organizations on Thursday pushed Congress to immediately pass the Corporate Recovery and Tax Incentives for Enterprises Act , which seeks to lower the country’s corporate income tax rate more rapidly and rationalize fiscal incentives.
According to the organizations, the immediate reduction of the CIT rate from 30 percent to 25 percent by July and its further reduction by 1 percentage point annually to 20 percent by 2027 would brighten business outlook. “This also drastically reduces the downside a company expects from Covid-19, and tilts the decision-making process very strongly towards maintaining operations through the recovery years after 2020, making the amendment a very robust job protection measure, considering that, in 2020, substantial losses will cut across all businesses, whether large or nonlarge, and all sectors, especially those hard-hit by Covid-19,” the groups said.
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