The Rotary Club of Makati West (RCMW) and the Rotary Club of Manila (RCM) held Thursday its second joint meeting for the year with no other than Department of Finance (DOF) Secretary Carlos Dominguez III as guest of honor and speaker. The joint meeting held at the Philamlife Tower in Makati was jampacked with RCMW President Eric B. Tensuan and RCM President Jackie Rodriguez leading the roster of attendees from the two distinguished rotary clubs.
A fellow Rotarian, Sec. Dominguez presented the “Status of Tax Reform and its Impact on Both Small and Large Domestic and International Businesses.” He expressed confidence that the Congress could pass this year the remaining packages of the comprehensive tax reform program (CTRP), which he considers a “foundational plank” of the government’s socioeconomic agenda, and an indispensable element in bankrolling its priority programs.
Package 2 of the CTRP – the proposed Corporate Income Tax and Incentives Rationalization Act (CITIRA) – aims to gradually lower the corporate income tax to 20% from the current 30%, as well as rationalize the fiscal incentives system to create a level playing field especially for new businesses.
“The sooner Congress passes the bill, the quicker potential investors will discard their wait-and-see attitude and bring more business to the country. This will have incalculable benefits for our economic growth,” Dominguez said.
The two rotary clubs held their first joint meeting for 2020 on 9 January with BSP Gov. Benjamin Diokno as their guest of honor and speaker.