Corporate Income Tax and Incentives Rationalization Act (CITIRA) bill is expected to bring in $12 billion in foreign direct investments (FDI) on the first year of its implementation to recover the $12-billion FDI loss in the past two years due to its delayed passage, according to Rep. Joey Sarte Salceda, chairman of the House Committee on Ways and Means.
Salceda also expressed willingness to adapt the Senate version of the CITIRA, which is the second package of the government’s comprehensive tax reform program for the immediate passage of the bill. With that, he expects the bill to get passed next week.
“There is a complete unmitigated bias for countryside development that is clear message of CITIRA,” he said.
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