MANILA - The Philippines' main investment promotion agency has dropped its demand to exempt the firms under it from a bill seeking to limit tax perks.
PEZA director-general Charito Plaza and Trade Secretary Ramon Lopez said they met on Wednesday and reconciled their differences over the tax measure. "To have a smoother transition, current discussions are on the number of years in the sunset provision for existing locators, as well as extra years of income tax holiday and lower tax rates for new projects in strategic, high-technology industries with preference on locating in least developed areas," Lopez said.
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