MANILA, Philippines — The Department of Finance (DOF) has challenged the Joint Foreign Chambers (JFC) of the Philippines to back their claims on the estimated job losses due to the Corporate Tax Income and Incentives Rationalization Act (CITIRA). Companies will reasonably invest at least 50 percent of their additional money from the reduction of the corporate income tax rate (CIT) rate in growing their business. Moreover, the new menu of incentives for investors, as proposed in CITIRA, will also encourage job creation and upskilling,” Chua said. They will benefit from a lower regular corporate income rate. Chua also urged JFC members currently receiving incentives to calculate what they stand to gain from CITIRA.

Source: Philippine Star September 30, 2019 16:03 UTC