According to him, the government is talking to 135 Chinese and non-Chinese companies. Lopez said 64 companies located in other parts of China planned to relocate because of the effects of the trade war between Washington and Beijing. “It is important to immediately pass Create (Corporate Recovery and Tax Incentives for Enterprises Act),” Lopez said, referring to the recalibrated version of the proposed Corporate Income Tax and Incentives Reform Act, or Citira. The proposed tax law pushes for the immediate reduction of the corporate income tax from 30 percent to 25 percent. This extension would allow companies to deduct incurred losses from tax payments for a longer period, providing them more time to set their finances in order.

Source: Manila Times May 27, 2020 17:01 UTC