Senator Imee Marcos is seeking the immediate passage of a bill reducing corporate income tax by 5%.
The Ilocos Norte politiko said the proposed measure aims to provide economic relief to businesses, minimize lay-offs, and attract foreign investment amid the coronavirus disease (COVID19) pandemic.
Marcos said that the bill must be passed separately from the all-inclusive Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) before Congress takes a recess on June 5.
“Export companies continue to protest against the removal of business incentives that have worked for them until now but are seen as revenue losses by the Department of Finance and the National Economic Development Authority,” she said.
“The problematic incentives can be worked out later in another law. We are all ready to work overtime to pass CREATE, but besides the reduction in corporate income tax and the extension of so-called sunset provisions for business incentives, where is the bill?” Marcos asked.