By Prince Golez
President Rodrigo Duterte has certified as urgent a bill reducing corporate income taxes.
In a March 9 letter addressed to Senate President Vicente Sotto III, Duterte requested for the “immediate” passage of Senate Bill 1357 or the proposed Corporate Income Tax and Incentives Reform Act (CITRA).
CITRA aims to lower the current 30 percent corporate income tax to 20 percnt.
Duterte said the enactment of CITIRA will “further institute tax reforms by rationalizing the corporate income tax and incentives system in order to promote foreign direct investment inflows and the expansion of business ventures conducive to economic growth and job generation.”
House Speaker Alan Peter Cayetano and Presidential Legislative Liaison Office Head Secretary Adelino Sitoy were also furnished copies.