BUSINESS leaders expressed their support for the proposed reforms in corporate taxation and the grant of incentives of the Duterte administration, saying the “bold move” will strengthen the country’s competitiveness in Southeast Asia.
The Management Association of the Philippines said in a letter to Finance Secretary Carlos Dominguez III lowering corporate income taxes would put these on par with the rates imposed by other countries in the region.
They said that modernizing investment incentives would streamline overlapping laws and make such perks time-bound and based on performance.
“[Package 2] is another milestone initiative for the government and a bold move that we believe will create a positive impact overall. The MAP commits its continuing support for the passage of [Package 2],” the organization said in a letter to Dominguez dated March 7.