Finance Secretary Carlos Dominguez III urged the captains of Philippine business to thoroughly study the corporate income tax reform proposal in its entirety, including “the more controversial component” on the rationalization of fiscal incentives.
Dominguez said in a Wallace business forum at Makati Shangrila Hotel in Makati City that he was hoping businessmen would come to the same conclusion that the reforms would be beneficial to the domestic economy.
“We urge the business community to thoroughly read the measure, rather than base their positions on hearsay and opinions of uninformed people, so that you can work with the government in explaining the true benefits of the Trabaho [Tax Reform for Attracting Better and Higher Quality Opportunities] bill to the public,” Dominguez said.
Dominguez said that contrary to the perception poised by the proposed tax reform’s critics, the Duterte administration’s plan would not eliminate incentives for investors but would improve them by offering a better set of perks that includes 50 percent deduction on incremental labor costs; 100 percent deduction on training, research and development; and 50 percent deduction on purchases of local raw materials.
