Pacquiao vows to push for 15% corporate income tax if elected president

Senator Manny Pacquiao on Thursday said he would push to lower the corporate income tax rate to 15%  if he would be elected president.

He said this is meant to boost the foreign direct investments in the Philippines.

“Ang plano ko po talaga pagdating ng panahoon e ibaba natin ‘yang corporate tax to 15 flat. Wala na ‘yung excise tax, mga [value added tax] na ‘yan,” Pacquiao said during the Philippine Chamber of Commerce and Industry's (PCCI) 47th Philippine Business Conference and Expo.

[My plan is to lower the corporate income tax to 15 percent flat. No more excise tax and VAT.]

Pacquiao said the Philippines corporate income tax rate could not compete with the that its neighbors Singapore, Malaysia, and Thailand even with the enactment of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law.

CREATE reduced corporate income tax from 30% to 25% corporations,  and 20% for micro, small and medium enterprises.

He said the lowering of taxes could be done as long as the government increased the collection of non-revenue income.

Apart from the corporate income taxes, Pacquiao said the unstable internet connection and power supply also scare away potential investors.

“Marami akong kilala sa ibang bansa na nagtatanong, gusto po nila mag-invest dito sa bana natin kaso ang unang tanong, how is the power supply, the intenet signal, what is the corporate tax,” Pacquiao said.

[I have many acquaintances who were asking about investments in our country. They always ask how is the power supply, the internet signal, and the corporate tax.]

“Yun ang tatlong tinatanong sa atin e. Nakakahiya naman po tayo. Sino ang magiinvest dito sa atin kug ganon ang sitwasyon natin,” he added.

[Those three are their major considerations. It's embarrassing. Who will invest here if we are at this situation?]

He reiterated the need to eradicate corruption in the government to spur development in the country.

The PCCI forum was attended by his fellow presidential aspirants Manila Mayor Isko Moreno, Vice President Leni Robredo, Senator Bong Go, and Senator Panfilo Lacson.

Former Senator Ferdinand Marcos Jr. was also invited to present his platforms but he sent his regrets to the organizers. -NB, GMA News