Recent Posts

Breaking News

Senate to do its best to pass CITIRA — Sotto

By Vanne Elaine Terrazola

Senate President Vicente Sotto III said on Tuesday, May 12, that the Upper Chamber will do its best to pass the proposed Corporate Income Tax and Incentives Reform Act (CITIRA) before Congress adjourns in June.

(Senate of the Philippines / MANILA BULLETIN)

(Senate of the Philippines / MANILA BULLETIN)

Finance Secretary Carlos Dominguez III, in a meeting with President Duterte Monday night, called for the urgent passage of CITIRA to attract investors and help the Philippines recover from the economic impacts of the coronavirus disease (COVID-19) pandemic.

“We will give it our best effort,” Sotto told reporters on Viber when asked about Dominguez’ appeal.

The CITIRA seeks to rationalize tax incentives granted to industries. It will also gradually lower the corporate income tax from 30 percent to 20 percent over the next 10 years.

It has been approved by the House of Representatives and is awaiting approval in the Senate.

Currently, the measure, Senate Bill No. 1357, is in the period of interpellations. President Duterte certified it as urgent last March.

In light of the COVID-19 outbreak, economic managers are pushing for revisions in the bill.

Dominguez proposed to “include flexible tax and non-tax incentives so we can target specific companies we want to invest here.”

Senators had earlier expressed openness to amend the CITIRA.

“[We] Will see during the period of amendments,” Sotto said.

Aside from the passage of the CITIRA bill, Dominguez suggested the resumption of the government’s “Build, Build, Build” infrastructure program, which he said is the “best multiplier” in terms of employment.

He also proposed the hiring of contact tracers to speed up the government’s contact tracing efforts.

Dominguez also said the government should stimulate consumer demand by opening the food manufacturing and logistics industries.


Source: Manila Bulletin (https://news.mb.com.ph/2020/05/12/senate-to-do-its-best-to-pass-citira-sotto/)

No comments