The administration’s legislative priority is now focused on the second phase of its tax reform program. To reduce the corporate tax rate and to revitalize investment incentives. The main objective of this phase of tax reform is to reduce the corporate income tax rate by aligning it with some Southeast Asian countries and with international trends concerning the tax. Accompanying the reduction of the corporate tax is the delicate task of reforming the investment incentives that stimulate the country’s industrialization efforts. Tax and investment incentives are intricately related to the corporate income tax. Tax incentives are designed to reduce the cost of capital to investors – both domestic and foreign – to entice them to invest. Such inducements involve tax holidays and special treatments of capital goods acquisitions (such as favorable depreciation treatment) which are in the nature of reducing the taxable income to enable investments in particular industrial and economic projects. Tax incentives also include the waiver of customs duties and other forms of income or commodity taxation, including local taxation. A much more complex reform process. TRAIN II is the toughest of the tax reform components of the administration’s comprehensive tax reform package. For one, the current stakeholders… Read full this story
- How FM plans to boost electronic manufacturing in India
- Revitalising the Manufacturing Hub of Africa: The Role of Public Policy
- BUSINESS NEWS HEADLINES FEB. 5
- Budget 2020: Text of FM Sitharaman's budget speech
- BUSINESS NEWS HEADLINES FEB. 6
- Election 2013 day one - as it happened
To reduce the corporate tax rate and reform investment incentives have 244 words, post on www.philstar.com at May 23, 2018. This is cached page on CHUTEU. If you want remove this page, please contact us.