Finance Secretary Carlos Dominguez III urged the Senate to include the economic team’s proposal on immediately cutting the corporate income tax rate from 30 percent to 25 percent starting July this year, along with other investor-friendly measures, when it opens plenary debates on Package 2 of the Duterte administration’s comprehensive tax reform program.
Dominguez said Congress can help stimulate the economy amid the coronavirus disease 2019 (COVID-19) crisis through the urgent passage of the “calibrated” CTRP Package 2, previously known as the Corporate Income Tax and Incentives Reform Act or CITIRA.
With its direct integration into the country’s economic recovery program and proposed enhancements, the economic team has renamed the former CITIRA the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE).