Senator Pia Cayetano has assured the public that the committee report on the proposed Corporate Income Tax and Incentives Rationalization Act (CITIRA) will be fair to all sectors.
Senator Pia Cayetano has announced in a media interview that the committee report on the proposed HB No. 4157 or the Corporate Income Tax and Incentives Rationalization Act (CITIRA) shall be considerate and fair to all concerned parties, including foreign investors and local business owners.
In the interview, Cayetano stressed that as an administration senator, she is inclined to support the measure advanced by the Department of Finance (DOF). The senator said that they are keeping an open mind to issues presented by different sectors. With further discussions with various sectors, Cayetano hopes that the final committee report will be acceptable to all.
“We now have a piece of draft legislation that I can defend, taken into consideration the concern of many sectors. I hope nakikinig kayo: I hope you will be happy with the committee report that we will come up with because it will already be the product addressing many of your concerns,” the senator said.
With CITIRA’s aim to cut down corporate taxes to 20 percent in a period of ten years, the Senator stressed that they are trying to find the balance of lowering the taxes entirely while the government is providing expenses to infrastructure and the like. Cayetano also said that the DOF is tasked to maintain that balance moving forward.
The Committee on Ways and Means discussed last February 5 the proposals to make passive income and financial intermediary tax simpler and more efficient. It also discussed plans on how the country can be regionally competitive under Package 4 of the Comprehensive Tax Reform Program (CTRP). To provide more insight, the committee has invited Finance Undersecretary Dr. Karl Kendrick T. Chua, who explained the necessity of the passage of CITIRA and how it will help usher effective tax reform in the country. In Chua’s assessment, individuals will benefit from the tax reform as their savings will be taxed less when they put it in the bank.
The senator said that the committee report is at the last stages of proofreading.
When asked on what's the difference with previous forms, “Basically, the flow will be the same, except that there are clearer parameters. There are clearer numbers, so that the industries can make their computations. They can know what their futures would be like, which is what I have gathered in the many talks I have with them. There will be sunset provisions on a particular date, and the new dates are very clearly identified, so they know what they deal with. That is what I want. A vibrant economy that is predictable for our investors.” Cayetano said.
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