FRENCH CHAMBER OF COMMERCE AND INDUSTRY IN THE PHILIPPINES: 100% PEZA Support to CITIRA Bill: PEZA and DTI reconciliation

French Chamber of Commerce and Industry in the Philippines issued the following announcement on Oct. 10.

PEZA Chief Director General Charito B. Plaza affirms its full support to the revised CITIRA bill that is being reviewed in the Senate at present. As a means to assist with finalizing the CITIRA bill provisions, Plaza proposed the inclusion of the following:

Providing a fixed 10 to 15 years of transition period for PEZA locators, considering their products' and equipment's lifespan

Retaining import duty and tax-free for PEZA locators

Integrating locators' exports to export sales, as this brings about local value-adding and backward linkages

Meanwhile, the reconciliation emerged from the "openness" of DOF and DTI to PEZA's concerns. PEZA then expects the legislators to arrive at a revised tax reform, bearing in mind DOF and DTI's assistance to the revision, that will be beneficial for all the parties concerned, as well as for all the Filipino people. The revised tax reform will affect French interests positively, especially the French PEZA locators, from the continued reduction of corporate income tax and the maintenance of the fiscal incentives for PEZA locators. 

Original source: https://www.ccifrance-philippines.org/news/n/news/100-peza-support-to-citira-bill-peza-and-dti-reconciliation.html