Business groups press passage of tax reforms

A group of foreign and local business organizations is urging the government to swiftly approve the Comprehensive Tax Reform Program ( CTRP) and 11 other legislative proposals aimed at improving the business climate to sustain the growth momentum and reduce poverty in the country.

In a letter to Executive Secretary Salvador Medialdea, 15 business groups belonging to the Philippine Business Groups-Joint Foreign Chambers (PBG-JFC) said the legislative proposals they have endorsed are all in line with the 10- point socioeconomic agenda of the Duterte administration.

Aside from the CTRP, the business groups also pushed for the government to prioritize discussions on the lifting of the constitutional restrictions on foreign ownership limits and amending the Bank Secrecy Law during the next meeting of the LegislativeExecutive Development Advisory Council (LEDAC).

They also called for the approval of the Freedom of Information bill, Water Sector Reform Act, the emergency powers to address the traffic and transportation crisis, reforms in the telecommunications sector and the Apprenticeship Program of the Technical Education and Skills Development Authority, and amendments in the Build-Operate-Transfer Law, the Corporation Code, the Public Service Act, and the Retail Trade Liberalization Act.

“All constitute reforms that will improve the business and economic climate of the Philippines and result in more investments, jobs, and inclusive growth,” they said.

The letter was signed by the Alyansa Agrikultura, American Chamber of Commerce of the Philippines Inc., AustraliaNew Zealand Chamber of Commerce of the Philippines, Bankers Association of the Philippines, Canadian Chamber of Commerce of the Philippines, European Chamber of Commerce of the Philippines, Financial Executives of the Philippines, Foundation for Economic Freedom, IT and Business Process Association of the Philippines, Japanese Chamber of Commerce of the Philippines, Korean Chamber of Commerce of the Philippines, Makati Business Club, Management Association of the Philippines, Philippine Association of Multinational Companies Regional Headquarter, and the Semiconductor and Electronic Industries in the Philippines.

According to the DOF, relaxing the provisions of the bank secrecy law for tax fraud cases is one of the complementary measures to the CTRP.