Taguig City – The Philippine Economic Zone Authority (PEZA) has now prepared its refinements to the proposed Corporate Income Tax and Incentives Rationalization Act (CITIRA) bill after holding a second dialogue with its top sector locators, industry associations, and foreign chambers on Tuesday, October 22, at the PEZA Social Hall.
Presiding the discussion, PEZA Director General Charito Plaza consulted the ecozone locators and companies registered with PEZA for its proposed amendments. Plaza also affirmed support to the proposed amendments to the House-approved version of CITIRA, which is now being deliberated by the Senate.
Industry associations, locators, and foreign chambers have agreed to get their heads in the game to end the uncertainties being caused by the pending tax reform on incentives since 2017 up to present.
“PEZA wants to end the agony of uncertainties which has created fears to industries’ possible exits and the massive job losses, affecting peace and prosperity in the country,” said Plaza.
Key leaders of chambers, industries, and associations have reiterated that “incentives are important factors for continuously attracting investments in the country despite the absence of other efficiency factors including low supply chain, high power rate, and logistics costs.”
“CITIRA is considered as a major incentives revamp which will affect PEZA’s image and credibility in the international community, in honoring commitments and contracts with investors, the stability of our investment policies and laws and most is the trust and confidence of investors to our government,” Plaza explained.
“Meanwhile, industry associations and foreign chambers have decided to continue with their lobbying to the senators, the Bicameral Conference Committee, and to the President for an enhancement of incentives to make the Philippines globally competitive with a very strong competition among countries to attract foreign direct investments and a longer transition period of 15 years to assure an ROI of their capital investments,” added Plaza.
“[We] appeal for more transparency, “openness”, and a critical evaluation by the Senate, the Committee and for wisdom and enlightenment by the President who will finally approve the kind of CITIRA law that the Government will adopt,” explained the Director General.
Nevertheless, Plaza assures that, “With the recommendations and inputs of the affected parties under PEZA, we have now come up with our proposed refinements to better craft a beautiful legislation that’s beneficial for all.”
The proposed refinements to the CITIRA bill will be submitted and deliberated with Congress, the Department of Trade and Industry (DTI), and the Department of Finance (DOF) once the session resumes. #