Corporate Tax

Philippines is reducing corporate tax to assist pandemic-hit companies

Philippine President Rodrigo Duterte passed a law on Friday that will cut taxes paid by companies to attract investment and help companies recover from the pandemic, according to the lead author.

The corporate tax rate will be cut from 30% to 25% for most businesses and 20% for smaller businesses, said Congressman Joey Salceda.

The law will bring the Philippines closer to the average rate in Southeast Asia at around 22%, according to the Treasury Department.

– With the support of Andreo Calonzo.

How to contact the reporters on this story:
Siegfrid Alegado in Manila at aalegado1@bloomberg.net;
Ian Sayson in Manila at …

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