Priority measuresJust recently, leaders of both houses of Congress have committed to pass 20 priority bills within the remaining period of the current session. Basically, when profit margin grows, then a higher tax rate would be applied. Also included in the top 10 priority measures is the Reform to Philippine capital markets bill, including a tax cut on stock transactions. He also pointed out that the high tax rate on dividends received by foreign non-resident individuals also discouraged foreign investors from buying Philippine stocks. Also included in the top 10 priority measures are the proposed amendments to the Right-of-Way Act, amendments to the Electric Power Industry Reform Act or EPIRA, the CREATE MORE Act, amendments to the Foreign Investors’ Long-Term Lease Act and amendments to the Rice Tariffication Law.

Source: Philippine Star June 29, 2024 23:39 UTC