Private firms back Senate tax plan
Top industry associations and the Joint Foreign Chambers in the Philippines have backed the Senate’s take on the first tax reform package of the Duterte government, a bill that seeks to keep crucial tax perks.
In a joint statement on Monday, the business groups said they partly blamed the slowdown in new foreign investments in economic zones under the Philippine Economic Zone Authority on the uncertainty of the country’s tax regime.
Groups that issued the statement include the American Chamber of Commerce, Information Technology and Business Process Association of the Philippines and the Semiconductor and Electronics Industries of the Philippines Foundation, Inc.
Of the pending tax bills, only Senate Bill 1592 keeps vital zero value-added tax provisions. Other versions, including the one passed in the lower house, will replace this zero-VAT status with a 12-percent VAT on the gross receipt of certain sales.
