EUNEY MARIE MATA-PEREZ
In a joint statement released this week, 11 business groups expressed support for the “overall corporate income tax framework” under the proposed Corporate Income Tax and Incentives Rationalization Act (Citira) or House Bill 4157. Citira proposes, among others, the lowering of the existing 30-percent corporate income tax (CIT) to 20 percent and the rationalizing of our fiscal or tax incentives. It has been approved on third and final reading by the House of Representatives last month, fasttracking the government’s corporate tax reform package.