PCCI backs lowering of corporate and personal income tax
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MANILA, Philippines -- The Philippine Chamber of Commerce and Industry (PCCI) is supporting the Duterte administration’s tax reform measures, noting these policies will boost the economy.
PCCI president George Barcelon said lowering personal income taxes will increase disposable income and will stimulate consumption that leads to higher production.
“A virtuous cycle could ensue, where greater consumption and production could lead to rise in tax collection,” Barcelon said.
The country’s largest business organization is also backing the reduction of corporate income tax in the country, which is the highest in Association of South East Asian Nations (ASEAN).
Barcelon said reducing corporate income tax will make the Philippines more attractive to investors.
“PCCI welcomes the offsetting measures, which aim to increase levy on consumption. The country’s competitiveness can be further bolstered if spending in public health, education, social protection, and infrastructure are at par with its ASEAN neighbors,” the PCCI chief said.
He added that increase in tax revenue would improve the government’s spending on infrastructure and social services.
PCCI is now conducting a Tax Reform Roadshow in order to improve stakeholders’ knowledge about the administration’s tax reform measures.
The roadshow is in partnership with the Department of Finance (DOF) and the United States Agency for International Development’s Facilitating Public Investments Program.
The roadshow commenced in Davao City on Friday for Mindanao-based firms; Feb. 24 in Puerto Princesa for South Luzon firms; March 3 in Bohol for companies in the Visayas; and March 10 in Makati City for companies based in Metro Manila and North Luzon.