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High tech sectors to be granted perks
Source: http://www.manilatimes.net/high-tech-sectors-granted-perks/379622/
Source Date: Monday, February 12, 2018
Focus: Knowledge Management in Government, Institution and HR Management
Country: Philippines
Created: Feb 11, 2018

“We will craft an incentives program that will attract new high tech sunrise industries such as robotics design and manufacture, industries in space technology such as satellites, as well as advanced health care with focus on geriatric care,” Finance Secretary Carlos Dominguez 3rd said in a message to reporters.

Finance Undersecretary Karl Kendrick Chua told The Manila Times that the perks was included in a tax reform package submitted to Congress last month.

“It is part of the Package 2,” he said.


Package 2 proposes to gradually lower the corporate income tax rate to 25 percent from 30 percent while also modernizing incentives to make these “performance-based, targeted, time-bound, and transparent.”

It was submitted to the House of Representatives last January 15, the first working day for the year for Congress following a yearend recess.

In another development, Dominguez said the Finance department was also open to a Mines and Geosciences Bureau (MGB) proposal to raise mining taxes on a per commodity basis.

“It makes sense — I mean you don’t tax nickel at the same rate as you tax copper. First of all, the extractive costs is different and secondly the values are different,” Dominguez said.

A comprehensive mining tax is one of the proposals under a supplement to CTRP Package 2.

The Finance department has said that the proposal still requires further consultation with the multi-sectoral Mining Industry Coordination Council that will be meeting early in March.

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