Corporate Income Tax and Incentive Rationalization Act (CITIRA), the Future of our People

Corporate Income Tax and Incentive Rationalization Act (CITIRA), the Future of our People

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Wayne Tordecilla started this petition to SUPREME COURT and

Corporate Income Tax and Incentive Rationalization Act (Citira) bill or Trabaho bill is a proposal in which the income taxes of companies are lowered.  It gradually cuts the corporate income taxes starting 2021 and as of 2029, the 30% will go down to 20%. This bill also removes the tax perks of the companies in the country. It retains the current incentives for two years for the investors to have enough time to adjust with the new tax strategy.

CITIRA bill will provide job opportunities for our fellow Filipino workers that work really hard for them to earn. It will help our country reduce the unemployment rate and give them job opportunities because the corporate tax will be reduced together with their taxable income and may provide jobs for the people. According to Finance Undersecretary Chua, “For instance, the highly labor-intensive industries can avail of the superior incentives in the form of an additional 50 percent deduction on labor, under CITIRA. Some companies we have met claim that labor accounts for 60 percent of their revenues. So instead of deducting around 60 percent from revenues, they can deduct 90 percent, and reduce their taxable income. Under CITIRA, the firm gets a performance-based incentive that guarantees jobs.”

According to Plaza, "We cannot afford to lose our gains nor damage the country's reputation with the international community by allowing the changing of our rules in the middle of the game or introducing new laws that apparently negate basic legal doctrines such as non-impairment of contracts, prospectively in application of laws, and log-rolling legislation". And if the government will provide enough budgets for our economy, the industries’ growth will be more possible without the foreign investors and the country could possibly provide their people with accurate salary according to their job and unemployment rate will be less.

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