Cut CIT rate faster – biz chambers

TWO business chambers on Thursday offered contrasting views on the proposed Comprehensive Income Tax and Incentive Rationalization Act (Citira) bill — which seeks to lower corporate income taxes (CIT) and rationalize fiscal incentives — but they are one in saying that the CIT rate should be reduced more quickly.

The European Chamber of Commerce of the Philippines (ECCP) said that while it supports the lowering of these taxes, the government must make sure that the incentives continue to be competitive.