Reduced income taxPrint media players are also asking for a reduced income tax and tax assistance package, especially in the light of the COVID-19 pandemic. It proposed that the current regular Corporate Income Tax of 25 percent be reduced to 15 percent for the print media industry, noting that under the CREATE law, the non-profit proprietary educational institutions and hospitals – another crucial sector of the country – enjoy a one percent corporate income tax. “Shouldn’t the print media industry, an industry devoted to bringing news and information, of spreading the truth, of forming a nation composed of informed citizenry, be entitled to the same benefit of lowered income tax? The US Congress aims to help through the Local Journalism Sustainability Act, a bill that would provide tax credits for news consumers, print media publishers and advertisers. And even if our own employees get infected with COVID-19, life in print media goes on.”“We in the print media industry risk our lives for every news that we publish.

Source: Philippine Star October 31, 2021 17:29 UTC