The Senate Ways and Means Committee released Committee Report 50 dated Feb. 17, 2020, endorsing Senate Bill (SB) 1357, in substitution of SBs 535, 595 and 702, taking into consideration House Bill (HB) 4157, the proposed Corporate Income Tax and Incentives Rationalization Act (Citira), amending our National Internal Revenue Code (Tax Code). This version of SB 1357 is still to be submitted for sponsorship and for second reading by Sen. Pia Cayetano, the chairman of the Senate Ways and Means Committee, and could still be further be amended on the floor.
Key corporate income tax (CIT) proposals