Changing perks could halve jobs ! SEIPI

11 Dec 2019
ELECTRONICS MANUFACTURERS — whose products make up more than half of the country’s goods sold abroad — expect 50% job loss by 2026 if the current version of the bill that overhauls tax incentives was passed, Semiconductor and Electronics Industries in the Philippines, Inc. (SEIPI) President Danilo C. Lachica said.
Mr. Lachica told reporters on the sidelines of a forum on Tuesday that the industry projects 38,000 annual employment losses between 2022 to 2026 — totaling some 190,000 positions — cutting down half of the 380,000 direct jobs in electronics.
He said these job losses are probable “if the version of CITIRA that will be passed doesn’t address the concerns of the industry.”
SEIPI in a position paper last October offered recommendations for the proposed Corporate Income Tax and Incentives Rationalization Act (CITIRA), including retention of five percent tax on gross income earned (GIE) in lieu of national and local taxes, after expiration of the income tax holiday for existing investors who meet performance criteria.
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