Expedite tax reform: PCCI

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    The Philippine Chamber of Commerce and Industry (PCCI) is set to submit to President Duterte a set of resolution seeking to address 12 encompassing issues plaguing the business community at the end of the 45th Philippine Business Conference today.

    One of the highlights of the 25 resolutions is the PCCI’s support for the tax reform.

    The group urges the Department of Finance (DOF) to expedite the Corporate Income Tax and Incentives Rationalization Act (CITIRA) which reduces the corporate income tax (CIT) and rationalizes the country’s incentives.

    The group agrees with government proposals to finetune the incentives package to support the export industries, increase foreign direct investments and prevent job losses.

    The group said the CIT should be reduced to 20 percent “with no condition” in order to make the country at par with its Asean neighbors.

    The PCCI, however, said the CITIRA should provide longer transition period of 10 years for existing registered enterprises availing the fiscal incentives.

    The group also backs the rationalization of fiscal incentives under the Strategic Investment Priority Plan while retaining the functions of investment promotion agencies as one-stop-shops in the availment of these incentives.

    The 25 resolutions to be submitted today at the Manila Hotel cover agriculture, energy and power; environment; human resources development; industry; legislative; small and medium enterprise development; taxation; tourism; transportation and logistics; urban development and; water.