Second Philippine Tax Reform Bill Submitted to Parliament including Corporate Tax Changes

The Philippine Department of Finance (DOF) has announced that the second package of measures for the Comprehensive Tax Reform Program (CTRP) has been filed in the House of Representatives. While the first package, approved in December 2017 ({News-2018-02-26/A/3-previous coverage}), was mainly focused on individual income tax reforms, the second package is focused on corporate tax and incentives reform. This includes:

• A one-percentage point reduction in the current 30% corporate tax rate eve…