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Philippines targets foreign investment with Singapore-style tax law

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A new Singapore-inspired tax law will reduce corporate income tax and boost foreign investment in the Philippines, finance secretary Carlos Dominguez told CNBC, as the country moves to speed up its economic recovery.

The Philippines’ so-called corporate recovery and tax incentives for enterprises (CREATE) act, which was signed into law last month, aims to provide financial relief to companies in need while increasing the country’s competitiveness within the region, he told CNBC Tuesday.

The law reduces the corporate income tax rate — formerly the highest among Southeast Asian nations at 30% — to 25% for large companies and 20% for small businesses.

It also unifies the government’s…



Source cnbc.com

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