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Filipino Business Leaders Back Corporate Tax Reform

by Mary Swire, Tax-News.com, Hong Kong

09 April 2018


Business leaders in the Philippines say they fully support the Duterte Administration's proposed corporate tax reforms and investment incentives package.

Describing the reforms as "a bold move" to sharpen the Philippines' regional competitiveness, the Management Association of the Philippines, an association of over 1,000 business executives from the country's largest local and multinational companies, said lowering corporate income tax rates will put the country on par with its ASEAN peers. It also praised proposals to modernize investment incentives, and make these perks time-bound and performance-based.

The corporate tax reforms are proposed under "Package 2" of the Duterte administration's comprehensive tax reform program. The program aims to level the playing field for business by making the tax system equitable, transparent, and more accountable through a range of measures including removing perpetual tax holidays enjoyed by only a select group of investors.

Lauding the tax reform proposals, the Association said: "[Package 2] is another milestone initiative for the Government and a bold move that we believe will create a positive impact overall. The Management Association of the Philippines commits its continuing support for the passage of [Package 2]."

TAGS: Finance | tax | investment | business | law | corporation tax | Philippines | tax rates | tax reform | Tax

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