COVID-19 pushes economic team to cut corporate tax to 25%

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.

Converge backs infrastructure sharing to lower costs

Bilyonaryo Dennis Anthony Uy’s Converge ICT Solutions Inc. is supporting a proposal that allows telcos or internet service providers to share the cost of installation of underground pipes for telecommunication cables whenever new road infrastructure is built.

Converge backs infrastructure sharing to lower costs

Bilyonaryo Dennis Anthony Uy’s Converge ICT Solutions Inc. is supporting a proposal that allows telcos or internet service providers to share the cost of installation of underground pipes for telecommunication cables whenever new road infrastructure is built.

Fraud trial opens of former Swedbank CEO

Former chief executive of Swedish bank Swedbank, Birgitte Bonnesen, went on trial in Stockholm on Tuesday to answer fraud and market manipulation charges, three years after a money laundering scandal implicating her bank erupted.