Why don’t we get that passed, and you have immediately a tax stimulus in place,” Dominguez said during the Harvard Business School Alumni Webinar on Wednesday. He was referring to the proposed Corporate Income Tax and Incentives Reform Act (Citira), which aims to reduce the corporate income tax (CIT) rate from 30 percent to 20 percent in 10 years and rationalize tax incentives. “They are trying to pass…a stimulus bill. It is a stimulus bill because it reduces taxes for everyone, whether or not you were hit by [the] coronavirus,” the Finance chief said. Highlighting Citira’s aim to reduce the CIT rate, Dominguez said “we are prepared to help everybody across the board by reducing the income taxes on their corporate income taxes.

Source: Manila Times April 29, 2020 16:41 UTC