REP. RON P. SALO
Committee Vice-Chair, Public Accountability, Public Information,
Human Rights, Government Reorganization, and Constitutional Reforms
One of House Authors, (RA 11429) Bayanihan to Heal As One Act
0917-729-2437 | Twitter: @Kabayan_Ron
CITIRA = MORE JOB OPPORTUNITIES FOR PINOYS. With lowered corporate income tax, companies will have more resources to invest which will create more business opportunities
CITIRA IS BADLY NEEDED ‘ECONOMIC VACCINE’ VS COVID-19 IMPACT
With the Corporate Income Tax and Incentives Reform Act (CITIRA), our country would be a more enticing investment location for many types of operations, from manufacturing to services.
COVID-19 has upset the vaunted advantages of mainland China. As foreign businesses are considering to relocate elsewhere to diversify their presence and mitigate their risks, we need to immediately position our country as a viable business location.
The House approved CITIRA bill on 3rd reading last September 2019. The bill is now in the Senate.
With lowered income tax, companies will have more resources to invest which will create more business opportunities. In that sense, you expand the tax base. With the bigger tax base, you increase tax collections.
CITIRA is the economic booster shot and lasting vaccine we need against the impact of COVID-19.
Even the locators and investors who said CITIRA would be adverse to the operations, will rethink and see this as an opportunity.
Long term viability is what CITIRA offers.
With CITIRA, the government itself is trying to lower the income tax. I cannot see any reason why taxpayers should oppose it. (END)