High taxes a major deterrent in investing in RP – NCC
Local and foreign businessmen have identified high taxes as one of the biggest deterrents in investing in the country.
The National Competitive Council (NCC), in cooperation with several business groups, will submit to the government 10 most problematic items for businessmen in the country.
NCC private sector chairman Cesar Bautista named five of the most challenging areas. He said the rest will be identified at a later date.
“The fees charged by LGUs (local government units) are increasing rapidly and are becoming uncompetitive,” Bautista said.
In order to address this concern, the government is offering tax perks to some businesses particularly those operating in economic zones.
However, the fiscal incentives being given by the government are in question before the Congress as some lawmakers are considering removing the income tax holidays.
Business tax in the
According to the report, the total tax rate for businesses in the
Of all the ASEAN nations polled, the closest to the 135 ranking of the
The survey includes mandatory contributions borne by business in their second year of operation.
Second, Bautista said businessmen are concerned with the length of time needed to process documents necessary for their business.
Also, Bautista said they would like to see changes in land and business registration.
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