- Philippines signed into law a reduction in the corporate income tax rate from 25% to 20%.
- The reduction is aimed at attracting more investments in the country and is coupled with various changes to their tax incentive programs.
- In his public address to announce the changes President Marcos noted “We have taken a decisive step towards our vision of a globally competitive and investment-led Philippine economy.”
- GDP growth in the Philippines has moderated this year to +5.2%YoY from +6.4% YoY prompting the Central Bank (Bangko Sentral ng Pilipinas) to cut rates twice this year with indications there could be more to follow.
PHILIPPINES: Philippines Cuts Corporate Income Tax.
Last updated at:Nov-11 02:47By: Jamie Grant
Philipines
- Philippines signed into law a reduction in the corporate income tax rate from 25% to 20%.
- The reduction is aimed at attracting more investments in the country and is coupled with various changes to their tax incentive programs.
- In his public address to announce the changes President Marcos noted “We have taken a decisive step towards our vision of a globally competitive and investment-led Philippine economy.”
- GDP growth in the Philippines has moderated this year to +5.2%YoY from +6.4% YoY prompting the Central Bank (Bangko Sentral ng Pilipinas) to cut rates twice this year with indications there could be more to follow.
