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Friday, March 29, 2024

MAP supports corporate tax cut

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More business groups expressed their support to the government’s plan to reform the country’s corporate tax system and modernize the investment incentives under the Comprehensive Tax Reform Program.

A report by the Strategy, Economics and Results Group of the Finance Department showed that five groups, including the Management Association of the Philippines, sent letters of support to Finance Secretary Carlos Dominguez III and Undersecretary Karl Kendrick Chua for the proposed reforms comprising Package 2 of the CTRP.

MAP said in a letter to Dominguez that it was supporting the need to rationalize and modernize the tax incentive system to make incentives time-bound, performance-based and not excessively complex with too many different, even overlapping laws, rules and regulations.

MAP president Ramoncito Fernandez said the group agreed with the Finance Department that Package 2 of the CTRP “will help the country become more competitive with the rest of the world by lowering corporate income taxes from the current 30 percent, the highest among our Asean peers.”

It said Package 2 would create a positive impact on the economy. 

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