The Philippine Chamber of Commerce and Industry (PCCI) is calling on the government to extend the implementation of tax cuts until the end of the year, aiming to provide much-needed relief and support to businesses still grappling with the aftermath of the COVID-19 pandemic.
According to PCCI president Gorge Barcelon, many enterprises were unable to fully capitalize on the tax cut measures during the peak of the pandemic due to stringent quarantine measures and limited business operations.
Barcelon emphasized the importance of extending the deadline, preferably until the year-end, to allow businesses to rebound and regain their footing in the new year.
During the past two years of the pandemic, companies have faced significant challenges, including declining sales, survival struggles, and additional expenses such as providing transportation for workers.
Moreover, Barcelon highlighted the significance of reducing the Corporate Income Tax (CIT) to attract foreign investment to the Philippines.
He pointed out that the country lags behind its ASEAN neighbors in terms of corporate tax rates, making it crucial to create an attractive business environment and remain competitive in the global market.