MANILA, Philippines — House Speaker Gloria Macapagal-Arroyo delivered her first victory for the Duterte administration as the chamber's leader after she and her colleagues approved the government's second tax reform bill on Monday. The Tax Reform for Attracting Better and High Quality Opportunities or TRABAHO bill was okayed on third and final reading by the Lower House with a vote of 174 to 14, with 3 abstentions. Under TRABAHO, companies operating in the Philippines will pay a lower income tax of 20 percent by 2029 from currently 30 percent. While corporate income tax rates will go down, firms operating in economic zones will have to deal with less tax incentives. Specifically, TRABAHO aims to cut make tax perks like income tax holidays time-bound, performance-based and targeted on specific industries.

Source: Philippine Star September 10, 2018 10:52 UTC