The Philippine Chamber of Commerce and Industry, the largest business organization in the country representing an estimated 35,000 strong small, medium and large enterprises nationwide, called on Congress to immediately pass the Corporate Income Tax and Incentives Rationalization Act (CITIRA) bill.
The proposed law seeks to create a competitive business environment and make the country’s tax system at par with neighboring economies in Southeast Asia.
PCCI joins other organizations—Federation of Filipino Chinese Chamber of Commerce and Industry Inc., UP School of Economics Alumni Association, Organization of Housing Developers of the Philippines and Subdivision and Housing Development of the Philippines, Management Association of the Philippines, Makati Business Club, and FINEX in urgently calling for the passage of Senate Bill No. 1357 when Congress resumes session in May to end any uncertainty in doing business.
PCCI president Benedicto Yujuico said the Philippines tax rate is now the highest in Southeast Asia at 30 percent.