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Tax reduction will deprive gov’t of P55B

The Bureau of Internal Revenue (BIR) is expecting to lose P55 billion and even more annually if the income tax (IT) rates for individual and corporation are reduced to a uniform schedule of 25 percent from the current 32 percent.

The Philippine peso climbed to the highest in almost eight months as the incoming administration of Rodrigo Duterte assured investors he will continue the pro-growth policies of outgoing President Benigno Aquino.

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Incoming President Rodrigo Duterte yesterday offered four key Cabinet positions to the Communist Party of the Philippines (CPP) in the event it accepts his invitation to join the government.

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