Ecozone group says tax reform could affect jobs
October 26, 2018 at 10:39
Ecozone group says tax reform could affect jobs
MANILA — Jobs in economic zones may be affected should their incentives be changed under the second tranche of tax reforms, the head of an industry group said Wednesday.
Felix Francisco Zaldarriaga, president of the Philippine Ecozones Association, said he was “afraid” 40 percent of those working in economic zones could lose their jobs.
Trade Secretary Ramon Lopez earlier said “high performing” companies could still enjoy low tax rates under his agency’s proposed inputs.
“The bottom line is its effect on employment, that’s the saddest part. Let’s assume 40 percent of these employees will be losing their jobs. That’s what we’re afraid also,” Zaldarriaga said.
“It puts jitters into the ones operating right now, which is what’s happening. We’re hoping that the DOF (Department of Finance) would reconsider these proposals,” he said.
Zaldarriaga said his group was not amenable to changes to the current laws. The uncertainty over the outcome of reforms could force some investors to put their expansion plans on hold or move to other other countries, he said.
Some “brave souls.” however, still see the Philippines as a “good place to do business,” Zaldarriaga said The House of Representatives has approved on third and final reading the second round of reforms dubbed the Tax Reform for Attracting Better and High Quality Opportunities or TRABAHO September.
Source: https://news.abs-cbn.com/business/10/24/18/ecozone-group-says-tax-reform-could-affect-jobs
