By Monsi A. Serrano
British Chamber of Commerce Philippines Executive Chairman Chris Nelson welcomes the approval of the Corporate Income Tax and Incentives Reform Act (CITIRA) bill in the Senate and believes that this is a welcome development and would encourage a lot of investors not just from the UK but also from other foreign countries.
Speaking to THEPHILBIZNEWS during the 1st Commonwealth Networking Night at the Dusit Thani Manila, the Executive Chairman of BritCham said, “We welcome the CITIRA version of Senate. It is encouraging and would certainly get positive reactions from other foreign chambers.”
“However, we are still watching looking forward that the bill on the amendment of the Retail Trade Liberalization Act of 2000 will soon be passed by the Congress, and this would certainly draw more investors to the Philippines,” Nelson added.
The BritCham spearheaded the 1st Commonwealth Networking Night last March 5, at Dusit Thani Manila, Makati City. The event aims to bring in various Commonwealth Chambers, namely Australian-New Zealand Chamber, the Canadian Chamber, the Federation of Indian Chambers, and the Malaysian Chamber and work together on how to bring more businesses from their respective countries to the Philippines.
Meanwhile, Trade Chief Ramon Lopez also shares the same sentiment with regard to the version of the tax reform bill endorsed by the Senate Ways and Means Committee.
In his text message to THEPHILBIZNEWS, Lopez said, “This version (CITIRA law) provides a well-balanced approach to the corporate tax reform and helps remove the uncertainty of foreign investors.”
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