The Philippine Economic Zone Authority is finalizing the proposed refinements to the Corporate Income Tax and Incentives Rationalization Act after holding a second dialog with locators, industry associations and foreign chambers on Oct. 22.
PEZA director-general Charito Plaza consulted the ecozone locators and companies registered with the agency for the proposed amendments. She also expressed support to the proposed amendments to the House-approved version of CITIRA which is now being deliberated by the Senate.
Industry associations, locators and foreign chambers agreed to provide their inputs to end the uncertainties caused by the pending tax reform on incentives.
“PEZA wants to end the agony of uncertainties which created fears to industries’ possible exits and the massive job losses, affecting peace and prosperity in the country,” said Plaza.
Key leaders of foreign chambers, industries and associations reiterated that “incentives are important factors for continuously attracting investments in the country despite the absence of other efficiency factors including low supply chain, high power rate, and logistics costs.”
“CITIRA is considered as a major incentives revamp which will affect PEZA’s image and credibility in the international community, in honoring commitments and contracts with investors, the stability of our investment policies and laws and most is the trust and confidence of investors to our government,” Plaza said.
Industry associations and foreign chambers decided to continue with their lobbying to the senators, the bicameral conference committee and President Rodrigo Duterte for an enhancement of incentives to make the Philippines globally competitive.
“We appeal for more transparency, openness and a critical evaluation by the Senate, the committee and for wisdom and enlightenment by the president who will finally approve the kind of CITIRA law that the government will adopt,” Plaza said.
Plaza assured that the recommendations and inputs of the affected parties under PEZA would be packaged in proposed refinements to better craft a beautiful legislation that’s beneficial to all.
She said the proposed refinements to the CITIRA bill will be submitted to Congress, the Trade Department and the Finance Department.
