According to a release from the Philippines Department of Finance, the House Ways and Means Committee has approved the Corporate Income Tax and Incentive Rationalization Act (CITIRA) Bill, which includes corporate tax reforms as part of the second package of the government's comprehensive tax reform program. The Bill must now be approved in the plenary. The measures of the CITIRA Bill are largely in line with those originally proposed, with some adjustments. One of the main measures is for a reduction of the corporate income tax (CIT) rate. Under the committee-approved Bill, the current 30% rate would be reduced by...