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PHILIPPINES: Philippines Cuts Corporate Income Tax.

PHILIPPINES
GlobalEM BulletPhilippinesBulletAPACEmerging Market NewsRegion
  • Philippines signed into law a reduction in the corporate income tax rate from 25% to 20%.
  • The reduction is aimed at attracting more investments in the country and is coupled with various changes to their tax incentive programs.
  • In his public address to announce the changes President Marcos noted “We have taken a decisive step towards our vision of a globally competitive and investment-led Philippine economy.”
  • GDP growth in the Philippines has moderated this year to +5.2%YoY from +6.4% YoY prompting the Central Bank (Bangko Sentral ng Pilipinas) to cut rates twice this year with indications there could be more to follow.
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  • Philippines signed into law a reduction in the corporate income tax rate from 25% to 20%.
  • The reduction is aimed at attracting more investments in the country and is coupled with various changes to their tax incentive programs.
  • In his public address to announce the changes President Marcos noted “We have taken a decisive step towards our vision of a globally competitive and investment-led Philippine economy.”
  • GDP growth in the Philippines has moderated this year to +5.2%YoY from +6.4% YoY prompting the Central Bank (Bangko Sentral ng Pilipinas) to cut rates twice this year with indications there could be more to follow.