Biz groups seek faster corporate tax reduction

Several business groups have called on the Senate to accelerate the reduction of the corporate income tax (CIT) to 20 percent in 2025 instead of 2027 under the proposed Corporate Recovery and Tax Incentives for Enterprises (Create) bill.

In a joint statement over the weekend, 12 business groups also urged senators to consider the insertion to the current version of Create the grandfathering of incentives that they said will ensure the retention of competitiveness of the industries engaged in export activities such as manufacturing, business process outsourcing (BPO), and shared services.