CITIRA to Uharter tn lmportance
P_resident Duterte has designated ductivity, and innovafion of the do-
THE Corporate Income Tax and In-
.enlives Rationalization Act, ap-
ploved by the lowerhouse lastweek
is now considered as the most sis-
nificant economic legislation in lh"e
country, second only to the 1987
constitution with posltive footprint
on almost everv sector of our e.onn-
my,
Albay Rep. Toey Sarte Salceda.
House Wavs-and li{eans commirree
chairman and lead author o{the mea-
sure. said CITIRA or HB 4152, ar'-
proved on third and tinal read ing wiih
a vote ol l70 affirmative againsieight
negatives arld six abstentions, is ihe
center piece legislation of the Duterte
Administration, the second pickase
of the Comprehersive Tax Rel5rmpr'o-
$am,-_
CltlRAas thecounhy s plinci"palna- me.h( corpordtesecto, So."o;Slt
tional response to the US-China hade t5e!urihes and frchrnge Commr-_
\rJdr. .ion) Top 1000 ir 2017. we exoect to
"Tl rearrdnge\ oLtreconomic sLruc- rein\e.t 87 Dercent of tax,rr inc. in
fureb1 lowerirg tie in(ome la\ on one busine-\e\pansion. e\olL,renew;md-
million smal I and medium enterprises Lr(t-mar[ed Fi t. and R/D, Salceja the
(SVEs) wfuch emplo! rno$ ot our lar,r makerexolained_
labor iorce while rjtio;alizing incen-
CI IlRAh.1.beenontooof thelSth
hves of 3, 100 corporahon.,rnd make Congre\>, priL,ri n bill.drter it failed to
lhem.perlorm. Sdlcpda -ard.
pa..the lTrh Corigre,.. ltwdrkno\^n
All told. CITIRA v\ill create t.5bb ihenasrhelar Re'iorm ror Attracrin,,
million iobs. add LDP grow$ of L t Berier rnd Hieh qualin O;;;;h;;l
percent in the fi r.t yea r and ?.b percen t "
ties or IRA BA-HO bill.
annudlly from 2020-2030. while add- 9alceda sirid ( T I IRA oJfers the
ing only 0.q percent to inflation. he most attra( ti\ e incentjve Ddckasein
ddded,
the region,,butno for"u",, no iSoo_
"By re-d_ucing thecorpor.rte ;ncume hole: ior tra nsfer pricing ancl iniel.
_
td\ from l0oo to20oo, we are mobiliz- rive. will be based on periormance
ingthedl'namismandefficiency,pro- notpromises,,.
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