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SOURCE: Press and Public Affairs Bureau



14 August 2019 09:42:18 PM

Philippine business are one step closer to enjoying a lower corporate income tax (CIT) rate, thanks to the approval of the Tax Reform for Attracting Better and High-quality Opportunities or TRABAHO Bill on Wednesday. Voting 27-2, the House Committee on Ways and Means chaired by Rep. Joey Sarte Salceda (2nd District, Albay) approved House Bill 176 or the TRABAHO Bill. The measure is principally authored by Reps. Horacio Suansing Jr. (2nd District, Sultan Kudarat) and Estrellita Suansing (1st District, Nueva Ecija). It seeks to encourage investment by slashing the country's corporate income tax (CIT) rate from 30 percent to 20 percent and rationalize fiscal incentives. HB 176 shall be consolidated with HB 313 by Rep. Salceda, HB 1042 by Rep. Kristine Singson-Meehan (2nd District, Ilocos Sur), HB 1909 by Deputy Speaker Luis Raymund "LRay" Villafuerte Jr. (2nd District, Camarines Sur), HB 2084 by Rep. Junie Cua (1st District, Quirino), HB 2554 by Rep. Sharon Garin (Party-list, AAMBIS-OWA), HB 2704 by Deputy Speaker Aurelio "Dong" Gonzales (3rd District, Pampanga), HB 2956 by Rep. Michael Romero (Party-list, 1-PACMAN), and HB 3356 by Rep. Ann Hofer (2nd District, Zamboanga Sibugay). House Members present during the meeting were Speaker Alan Peter Cayetano, Majority Leader Ferdinand Martin Romualdez, Deputy Speaker Luis Raymund Villafuerte Jr., Reps. Estrellita Suansing, Adriano Ebcas, Michael Edgar Aglipay, Wilton Kho, Arlene Brosas, Carlos Isagani Zarate, and Victor Yap, among others. The meeting was also attended by Department of Finance Undersecretary Karl Kendrick Chua and Philippine Economic Zone Authority Director General Charito Plaza. / Caption by Czarina Engracia / Photos by Engelbert Engay / News and Documentation Section-Press and Public Affairs Bureau/ House of Representatives of the Philippines