House OKs on 2nd reading bill lowering corporate tax, fixing incentives

Voting viva voce, the House approved substitute House Bill No. 4157, which amended the original Corporate Income Tax and Incentive Rationalization Act bill that the House ways and means committee passed on Aug. 15.The proposed measure, which is the second package of the Duterte administration’s Comprehensive Tax Reform Program , aims to lower reduce the corporate income tax rate from 30% to 20% in 2029. The CIT will be reduced by 1% per year until 2029.

Last Sept. 1, Salceda said passing the bill would bring additional revenues to the government’s “responsible corporate partners” every year and entice domestic companies to “produce here rather than abroad.” Among the amendments in the substituted bill are the incentives formula for investors, particularly income tax holidays and reduced CIT.He said the formula for enterprise areas adjacent to Metro Manila incentives would include four years of income tax holiday and three years of reduced CIT.

The amended bill would also strengthen the powers of the Fiscal Incentive Review Board in granting incentives, particularly on the investment promotion agencies .Aambis-Owa party-list Rep. Sharon Garin, vice chairperson of the ways and means committee and co-sponsor of the bill, urged for the urgent passage of the CITIRA bill.

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