House panel approves ‘in principle’ tax reform package ‘2 plus’

By: Inquirer.net August 02,2018 - 09:26 PM

THE House of Representatives’ ways and means committee has approved “in principle” the proposed tax reform package “2 plus” of the Duterte administration, which aims to gradually lower the corporate income tax (CIT) while modernizing incentives for companies.

Quirino Rep. Dakila Cua, ways and means committee chair, said the panel would “work double time” to finish the bill, which specifically aims to gradually lower the CIT rate from 30 to 25 percent and modernize incentives for firms.

“We are trying to finish as early as possible without compromising the quality of the legislation,” Cua told reporters after they concluded their committee hearings.

Albay 2nd District Rep. Joey Salceda, one of the principal authors, said they have convened a technical working group to consolidate the various bills amending the CIT.

AAMBIS-OWA Rep. Sharon Garin, another principal author, said “approved in principle” means that the TWG would proceed with the “consolidation of all bills and opinions” to be followed by the approval of the substitute bill and committee report by the ways and means panel.

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TAGS: 2, approves, House, package, panel, Plus, principle, reform, tax
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