Philippines Cuts Corporate Tax to Aid Pandemic-Hit Businesses
(Bloomberg) -- Philippine President Rodrigo Duterte on Friday approved a law lowering the taxes paid by companies to attract investments and help businesses recover from the pandemic, according to its principal author.
Corporate income tax rate is cut from 30% to 25% for most businesses, and 20% for smaller enterprises, Congressman Joey Salceda said.
The law will bring the Philippines closer to the average rate in Southeast Asia at around 22%, the Department of Finance has said.
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