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NuPon Technology
NuPon Technology
Featured Merchant
+639178675324

CITIRA: Lopsided reform package

08-Nov-2019

The latest twist in the tussle over the wordings of the proposed Corporate Income Tax and Incentives Rationalization Act (CITIRA), most recent being the “surrender” of the Philippine Economic Zone Authority to the controversial removal of the current gross income taxation scheme for economic zone locators, has most everyone in the business community on tenterhooks.
 
In the name of peace, battle-weary PEZA director-general Charito Plaza announced that compromises would be in order, specifically “to end the agony of uncertainties which has created fears to industries’ possible exits and the massive job losses, affecting peace and prosperity in the country.”
 
In exchange for giving up the five percent tax on gross income earned (GIE) currently enjoyed by companies in PEZA’s special processing zones, Plaza asked for a longer transition period for its companies to migrate to the corporate income tax regime.
 
Read more:
https://www.philstar.com/business/2019/10/29/1964229/citira-lopsided-reform-package
 

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