{"id":175481,"date":"2018-08-07T03:27:35","date_gmt":"2018-08-07T07:27:35","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=175481"},"modified":"2018-08-07T03:27:35","modified_gmt":"2018-08-07T07:27:35","slug":"house-panel-approves-second-tax-reform-package","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2018\/08\/07\/house-panel-approves-second-tax-reform-package\/","title":{"rendered":"House panel approves second tax reform package"},"content":{"rendered":"<figure id=\"attachment_175484\" aria-describedby=\"caption-attachment-175484\" style=\"width: 300px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2018\/08\/hor-facade_5ac2e9e7d3d695_44689555.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-175484\" src=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2018\/08\/hor-facade_5ac2e9e7d3d695_44689555.jpg\" alt=\"\" width=\"300\" height=\"200\" \/><\/a><figcaption id=\"caption-attachment-175484\" class=\"wp-caption-text\">The House ways and means committee, chaired by Quirino Rep. Dakila Cua, approved the substitute bill entitled TRABAHO &#8211;Tax Reform for Attracting Better and High-Quality Opportunities. (PNA photo)<\/figcaption><\/figure>\n<p><strong>MANILA<\/strong>\u00a0&#8212; A House of Representatives panel on Tuesday approved the administration\u2019s second tax reform package that aims to lower corporate income taxes and modernize incentives.<\/p>\n<p>The House ways and means committee, chaired by Quirino Rep. Dakila Cua, approved the substitute bill entitled TRABAHO &#8211;Tax Reform for Attracting Better and High-Quality Opportunities.<\/p>\n<p>\u201c<em>Ang<\/em>\u00a0goal\u00a0<em>po dito ay<\/em>\u00a0(The goal here is) to create jobs by attracting the right set of investments through incentives,\u201d Cua said in an ambush interview.<\/p>\n<p>Cua said the proposed incentives regime will be biased to development outside urban areas.<\/p>\n<p>\u201cWe put a special bias\u00a0<em>na kung ang<\/em>\u00a0investor\u00a0<em>ay pupunta<\/em>\u00a0outside the urban areas,<em>\u00a0mas mahaba yung<\/em>\u00a0incentive package.\u00a0<em>Gusto natin mapalago din ang ating<\/em>\u00a0countryside (We put a special bias wherein investors who go outside the urban areas would receive a longer incentive package),\u201d Cua said.<\/p>\n<p>Cua said the bill gives new investments outside urban areas an additional two years of incentives.<\/p>\n<p>He also said the bill gradually lowers the corporate income tax rate to 20 percent by 2029.<\/p>\n<p>He noted that the bill retains the current set of incentives for the first two years.<\/p>\n<p>\u201cThis gives investors enough time to study the new regime and apply for new incentives appropriate to their respective incentives,\u201d Cua said, noting that the bill allows for the re-application of incentives.<\/p>\n<p>Speaker Gloria Macapagal-Arroyo has cited the bill as a priority of the lower chamber.<\/p>\n<p>\u201cOf course, she (Arroyo) was very determined and material to ensuring that we put this on a top priority,\u201d Cua said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MANILA\u00a0&#8212; A House of Representatives panel on Tuesday approved the administration\u2019s second tax reform package that aims to lower corporate &hellip;<\/p>\n","protected":false},"author":33,"featured_media":175484,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1145,16,95],"tags":[],"class_list":["post-175481","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headline","category-news","category-news-ph","mauthors-filane-mikee-cervantes","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/175481","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=175481"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/175481\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/175484"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=175481"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=175481"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=175481"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}