Tax reform package submitted to Congress

A new tax reform package focusing on corporate profits and fiscal incentives has been submitted to the House of Representatives.

​Package 2, which the DoF has said would be revenue-neutral, proposes to gradually lower the corporate income tax (CIT) rate to 25 percent from 30 percent while also modernizing incentives to make these “performance-based, targeted, time-bound, and transparent,” Finance Undersecretary Karl Kendrick Chua said.

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