The European Chamber of Commerce of the Philippines (ECCP) warned Thursday that the country risked losing potential investments to its neighbors in the Association of Southeast Asian Nations (Asean) if the government would not adjust the current taxation system that has been a drag to the competitiveness of the local business environment.
“We have to bring the Philippines forward. The government now has limited time to approve economic legislation and institute reforms. If we do not address the issue now, companies will be going to Vietnam and not here,” ECCP president Michael Raeuber said.
“The ECCP has been encouraging European businesses to invest in the Philippines. We are also working closely with Philippine exporters not just to Europe but to other countries. There is a need to see some action,” he added.
According to Raeuber, the Philippines must be competitive enough by offering the right set of incentives and tax system if it wanted to tap the companies that were planning to leave China and convince them to relocate to the Philippines. Many of these companies, however, were considering Vietnam as their preferred destination.
Marikina Rep. Romero Quimbo was earlier quoted as saying that it made good economic sense to completely overhaul the country’s corporate and individual income taxes in order to be competitive amid the impending establishment of the Asean Economic Community (AEC).
Such a move might especially prove to be critical in attracting more foreign investments in the agriculture and manufacturing sectors to achieve inclusive growth. Otherwise, the country might lose out to Thailand, Vietnam and Cambodia, he added.
According to Quimbo, the tax bracket rates have not been adjusted since 1997 with 86 percent of income taxes being shouldered by only 16 percent of the population.
Read more: http://business.inquirer.net/193090/firms-leaving-china-seen-skipping-ph#ixzz3c94473dR
Follow us: @inquirerdotnet on Twitter | inquirerdotnet on Facebook
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
October –
Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
National Quality and Productivity Improvement Month
National Health and Wellness Tourism Month
National Indigenous Peoples Month
Weekly Observances:
Week 1: Elderly Filipino Week
Week 2: National Health Education Week
Local Government Week
National Mental Health Week
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24:
United Nations Week
Last Week:
Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
Daily Observances:
First Monday (Oct 4): Universal Children’s Day i
n the Philippines
Oct 5: National Teachers’ Day
Oct 10: Local Government Day
Third Thursday (Oct 14): Conflict Resolution Day
Oct 21: Tenants’ Emancipation day
Oct 24: United Nations Day
Oct 29: National Indigenous People’s Thanksgiving Day
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
