IBPAP opposes removal of industry tax perks
The IT-Business Process Association of the Philippines (IBPAP) has finally spoken out against the planned removal of tax incentives for the country’s IT-BPM industry. In a statement, IBPAP said that while it supports the government’s tax reform bill, the impact on both businesses and individual taxpayers should be thoroughly studied. It added that the planned removal of tax incentives will not only put its competitiveness in peril but will also derail the industry’s rosy growth trajectory. The government, IBPAP said, should consider the negative impact on job creation that may happen if the incentives are removed. Under the Roadmap 2022, the local IT-BPM industry aims to generate revenues of USD38.9bn by the end of 2022.
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