(MENAFN) The Philippines was declared to be planning to launch a major corporate taxation revamp, risking businesses in few offices in Manila.
Under the decision, the Philippines is aiming to spur investments outside of Manila, the country's capital.
Finance Undersecretary Karl Kendrick Chua stated: "in other countries, economic zones are enclosed areas where qualified firms are grouped together."
"Here, even buildings, hospitals, hotels, casinos and integrated resorts can be economic zones, and none of them are in poor areas," Chua added.
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