You know the crisis is so bad when the country’s top economic planner suddenly wants to give some money away.
Acting NEDA Secretary Karl Chua revealed a grand bounce back plan for the Philippine economy, among which is a one-time, big-time cut on corporate income taxes.
The COVID-19 pandemic must be so bad that the economic team now wants Congress to cut corporate taxes to 25% from the current 30% starting July, the Philippine Daily Inquirer reported.
This is a far cry from the long-delayed CITIRA bill, which will slash taxes by 20 percentage points over a decade.
Industries will also get a lifeline through extended tax breaks for the next four to nine years, according to Chua.
An extra incentive is being dangled for companies who will set up shop in the provinces in line with government’s Balik Probinsya program.