In a speech at the Wallace Business Forum last Friday , Dominguez said he clings to hope Citira would become law by March.
As proposed, Citira would gradually reduce the 30 percent income tax of companies to 20 percent in 10 years. The incentives mess, he said, was “the result of 13 separate agencies independently awarding their own incentives packages, some in perpetuity.”“The old system forced government to forego hundreds of billions in revenues,” Dominguez said.
“Some of these firms cheat the government of some P63 billion by abusing transfer pricing rules or by shifting profits and costs to reduce tax liabilities,” Dominguez said.Citira, according to Dominguez, would adopt “best practices” such as those in Malaysia, Thailand and Singapore.
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