The Philippines Department of Finance has issued a release on the Senate version of the Corporate Income Tax and Incentives Reform Act (CITIRA), which was sponsored by ways and means committee chairperson Senator Pia Cayetano in the Senate plenary on 19 February 2020. Although there are differences as compared to the House version, the Senate version maintains the core reforms, including a reduction in the corporate income tax (CIT) rate by 1 percentage point every year from the current 30% to 20% by 2029. The Senate version also includes incentive reforms. This includes that firms with qualified activities may avail...