The Cebu Chamber of Commerce and Industry (CCCI) welcomed the plans of the national government to reduce corporate income tax starting June.
In a statement signed by its president, Felix Taguiam, the CCCI expressed full support of the proposal of the National Economic and Development Authority on introducing a corporate income tax of 25 percent.
“In this most trying of times, the reform in the corporate tax system through the PH-PROGRESO – its goal of making Philippine recovery with ‘Equity and Solidarity’ is a welcoming development for us in the business sector,” CCCI said. Presently, the Philippines has a corporate income tax of 30 percent, considered as Southeast Asia’s highest rate.
“As such, lowering the corporate income tax rate will not only help entrepreneurs and small and medium enterprises recover and thrive, but it will also attract foreign investors in search of resilient, high-growth-potential economies like ours, when the quarantine is lifted,” they added.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stocks end lower on Wall Street as US-China tensions weighStocks closed broadly lower on Wall Street Thursday as investors weighed more data showing the economic damage being caused by the coronavirus pandemic and another flareup in tensions between the U.S. and China.
Read more »
Asean mulls post-COVID-19 recovery fundThe Association of Southeast Asian Nations (ASEAN) is now discussing the mechanism of a post-coronavirus disease 2019 (COVID-19) recovery fund to help the region respond to the pandemic and the bloc’s integration plan among others, Philippine Representative to the ASEAN Noel Servigon said on Friday.
Read more »
Coronavirus, race and income: how the virus discriminates
Read more »
15 more cops recover as COVID-19 cases in PNP rise to 260MANILA, Philippines — Fifteen more police officers survived the coronavirus disease, raising the total number of recoveries in the Philippine National Police (PNP) to 84, the police force health
Read more »
Carly Rae Jepsen hints on forthcoming release of 'Dedicated Side B'We need a dash of color from the second part of Carly Rae Jepsen's album 'Dedicated.'
Read more »