This will improve the competitiveness of the tax system and attract capital and grow investment, economic development and jobs.
The committee pointed out that increased economic activity would grow the tax base.
They (committee) stressed that currently the CIT 30% rate is at the high end for Asia- Pacific region and is hindering investment, innovation, and risk taking.
They also found out that the current rates places pressure on government for tax breaks sought by investors.
The committee says the existing corporate income tax base is being eroded.
