The Philippine Chamber of Commerce and Industry approved Wednesday the set of 21 resolutions it will present to President Rodrigo Duterte during the final day of the 45th Philippine Business Conference and Expo.
Among the urgent and important resolutions involve the immediate approval of the Corporate Income Tax Incentive Reform Act bill that will effectively reduce corporate income tax, with the incentives package fine-tuned to support the export industries, increase foreign direct investments and prevent job losses.
The conference sought the adoption of lower corporate income tax rate to 20 percent with no condition to make the country at par with ASEAN neighbors and provide a longer transition period of 10 years for existing registered enterprises availing of the fiscal incentives.
CITIRA is also expected to rationalize fiscal incentives under the Strategic Investment Priority Plan and for the investment promotion agencies to continue as one-stop-shop in the availment of these incentives.