Connect with us

Business and Economy

2nd tax reform package to lure investors: WB economist

Published

on

“That is really about bringing the corporate income tax rate of the Philippines closer to neighboring countries in the region… and to create the same incentives for investors to come and to do business here in the Philippines,” WB lead economist Birgit Hansl said in an interview. (Photo: Foreign Policy Institute/Facebook)

“That is really about bringing the corporate income tax rate of the Philippines closer to neighboring countries in the region… and to create the same incentives for investors to come and to do business here in the Philippines,” WB lead economist Birgit Hansl said in an interview. (Photo: Foreign Policy Institute/Facebook)

MANILA — The second package of the Duterte administration’s Comprehensive Tax Reform Program (CTRP), which is expected to lower corporate income tax rates and rationalize fiscal incentives to investors, can attract the much-sought-after investments necessary to generate jobs, a World Bank (WB) economist said Monday.

“That is really about bringing the corporate income tax rate of the Philippines closer to neighboring countries in the region… and to create the same incentives for investors to come and to do business here in the Philippines,” WB lead economist Birgit Hansl said in an interview.

“If there would be more investments, there could be more growth,” said Hansl, also the Program Leader for Equitable Growth, Finance and Institutions for Brunei, Malaysia, Philippines and Thailand.

Hansl said the second package of the CTRP aims to create a more level playing field for investors or corporations in the Philippines, as it makes corporate income tax rates similar to neighboring countries.

She also underscored the need for the Philippines to reduce regulatory burdens and create an environment that promotes higher levels of competition.

“So these are often more fundamental market structures issues companies would like to see before they enter the market as an investor,” she added in a press briefing.

The WB economist further said the country should also invest in infrastructure and education, skills and health to achieve inclusive growth.

“What the people need is the right condition to take part in growth and they usually need the certain set of skills to get the jobs that are higher paying,” Hansl said.

“Because ultimately, firms have to have an incentive to expand their production and employ more people and create these jobs. And that is the business environment but also the physical infrastructure environment that needs investment and work from the authorities to attract this job creation,” she added.

The Tax Reform for Acceleration and Inclusion (TRAIN), the first package of the CTRP signed into law by President Rodrigo Duterte last December, reduced personal income taxes and adjusted excise taxes on fuel and automobiles.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Maria in Vancouver

Lifestyle23 hours ago

Nobody Wants This…IRL (In Real Life)

Just like everyone else who’s binged on Netflix series, “Nobody Wants This” — a romcom about a newly single rabbi...

Lifestyle1 week ago

Family Estrangement: Why It’s Okay

Family estrangement is the absence of a previously long-standing relationship between family members via emotional or physical distancing to the...

Lifestyle2 months ago

Becoming Your Best Version

By Matter Laurel-Zalko As a woman, I’m constantly evolving. I’m constantly changing towards my better version each year. Actually, I’m...

Lifestyle2 months ago

The True Power of Manifestation

I truly believe in the power of our imagination and that what we believe in our lives is an actual...

Maria in Vancouver3 months ago

DECORATE YOUR HOME 101

By Matte Laurel-Zalko Our home interiors are an insight into our brains and our hearts. It is our own collaboration...

Maria in Vancouver3 months ago

Guide to Planning a Wedding in 2 Months

By Matte Laurel-Zalko Are you recently engaged and find yourself in a bit of a pickle because you and your...

Maria in Vancouver4 months ago

Staying Cool and Stylish this Summer

By Matte Laurel-Zalko I couldn’t agree more when the great late Ella Fitzgerald sang “Summertime and the livin’ is easy.”...

Maria in Vancouver4 months ago

Ageing Gratefully and Joyfully

My 56th trip around the sun is just around the corner! Whew. Wow. Admittedly, I used to be afraid of...

Maria in Vancouver5 months ago

My Love Affair With Pearls

On March 18, 2023, my article, The Power of Pearls was published. In that article, I wrote about the history...

Maria in Vancouver6 months ago

7 Creative Ways to Propose!

Sometime in April 2022, my significant other gave me a heads up: he will be proposing to me on May...