‘Slash CIT by 5 percent now’

THE government should drop the corporate income tax (CIT) immediately by 5 percent to remain competitive among its Southeast Asian neighbors, the European Chamber of Commerce of the Philippines (ECCP) urged.

ECCP President Nabil Francis, on the sidelines of an event last week, said that 10 years of gradual CIT reduction under the proposed tax reform might be too slow given that other Asian countries were already at 20 percent, lower than the Philippines’ 30 percent.