BIR urges passage of revised corporate tax incentives bill

The government lost more than P200 billion in foregone revenue collections from 2011 to 2013 because of tax and fiscal incentives granted to several corporations, Bureau of Internal Revenue Commissioner Kim Henares said as she stressed the need for immediate passage of a long-pending bill restructuring the program.

The commissioner said the P200 billion loss highlights the need for the fiscal incentives rationalization bill, which has been pending in Congress for more than 15 years.