President Rodrigo R. Duterte certifies the Corporate Income Tax and Incentive Rationalization Act (CITIRA) bill as urgent.
In a letter to Senate President Tito Sotto, the President requests the swift passing of the Senate Bill no. 1357 or the CITIRA bill.
The Congress is scheduled to discuss the said bill on May since they are on vacation on March 13.
Once the bill is passed, the corporate income tax of companies will be reduced from 30 percent to 25 percent for the year 2024, and will decrease to 20 percent on the year 2029.
