The Philippines Department of Finance has issued two releases providing additional details on the second package of the Comprehensive Tax Reform Program (CTRP). According to the first release, the second package includes: A phased-in reduction in the corporate tax rate from 30% to 25% with an initial reduction of 1% dependent upon an additional revenue trigger of PHP 26 billion in the previous year (to be achieved mainly through reduced incentives); The expansion of the functions of the Fiscal Incentives Review Board (FIRB) to oversee all investment promotion agencies (IPAs); The repeal of 150 special laws on the granting of...