The Philippines Department of Finance (DOF) released the second package of the tax reform on 9 January 2018, as part of the country’s broader Comprehensive Tax Reform Program (CTRP).
Under the Package Two, the DOF aims to lower the CIT rate from 30% to 25% and changes to make incentives more performance-based, targeted, time-bound, and transparent. The DOF plans to submit a revenue-neutral proposal for the corporate tax reforms to the House of Representatives by the end of January.
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