NO foreign firm in the country has signified its intention to pull out its investment amid a proposal to rationalize or remove some tax incentives, the Department of Finance (DoF) said. Some foreign chambers of commerce had written the DoF expressing their apprehension about Citira, said Chua on the sidelines of the DoF tax reporting seminar for Senate media. But there are some [foreign] firms who have told us, and one of them is Luftansa Teknik — which is in the papers, that want to seek clarification,” he added. “I went to Japan, for instance, on invitation of the Philippine embassy to brief them because they received different information. Pressed whether there were some lobbying against Citira, Chua answered, “I’m not very sure.

Source: Manila Times November 09, 2019 13:57 UTC