CITIRA bill hurdles House panel
The House Committee on Ways and Means overwhelmingly approved on Wednesday a bill seeking to reduce the corporate income tax rate from 30 percent to 20 percent and rationalize the grant of fiscal incentives to investors and locators.
HB 313 is the version of the measure approved on third and final reading during the previous 17th Congress. It is formerly known as the Tax Reform for Attracting Better and High-quality Opportunities (TRABAHO) bill.
“In case of bills or resolutions that are identified as priority measures of the House, which were previously filed in the immediately preceding Congress and have already been approved on third reading, the same may be disposed of as matters already reported upon the approval of majority of the Members of the committee present, there being a quorum,” according to the House Rule.
HB 313 seeks to reduce the current 30 percent corporate income tax by two per two years. It pursues to exempt the Home Development Mutual Fund from income taxation, given that the Social Security System (SSS), Philippine Health Insurance Corporation (PHIC), and Government Service Insurance System (GSIS) are already exempted.
It will grant income incentives for a maximum of five years, removing perpetual five-percent on gross income earned (GIE) and limiting income tax holiday (ITH).
He said the plenary deliberation on the CITIRA bill is expected next week.Read more: Manila Bulletin News
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