The Philippine Chamber of Commerce and Industry said it strongly supports the immediate passage of the Corporate Recovery and Tax Incentives for Enterprises Act which was formerly known as the Corporate Income Tax and Incentives Reform Act.
PCCI president Benedicto Yujuico said the enhancements made to the CITIRA under CREATE would boost the recovery of companies reeling from the economic slowdown.
Yujuico pushed for the immediate reduction of the corporate income tax rate from 30 percent to 25 percent, saying the savings would help companies fund their continued operations.
“Moreover, bringing the country closer to the ASEAN average of 23 percent will help draw in multinational firms seeking alternative sourcing markets and manufacturing base,” he said.