DOF urges passage of CITIRA bill before June 3

The Duterte administration's economic team is proposing a modified version of the Corporate Income Tax and Incentives Rationalization Act (CITIRA) bill, aiming to reduce corporate income tax rates from 30% to 25% starting July.

Finance Secretary Carlos Dominguez III urged legislators to pass the CITIRA bill before Congress adjourns on June 3, arguing that it will help attract foreign investors and stimulate economic growth.

The proposed Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) would give the President more flexibility to grant incentives tailored to specific investor needs, addressing concerns about job losses due to reduced tax perks.