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According to the EPBN, such process will bring changes to the stamp ordering system and will create substantial burden for importers, especially those which import small quantities of multiple brands.
The EPBN nonetheless noted that the BIR-LTS was very open to looking at alternative ways of applying the tax stamp to make it less burdensome for importers.
To minimize unfair competition against European vehicles in the Philippines, the EPBN steering committee has called for the inclusion of the vehicle sector in the planned EU-Philippines free trade agreement (FTA) negotiations.
Such provisions, the EPBN said, should allow for the elimination of fiscal and non-fiscal barriers to import European vehicles, as is the case for vehicles of other origin, the EPBN said.
"Effectively, European vehicles cannot retail on a level playing field in the Philippines as the retail price is uncompetitive compared to the majority of vehicles in their respective categories," the EPBN said.
But the EPBN pointed out the importance of putting in place a system which will not increase barriers to doing business, especially for those companies which have a strong track record of compliance and respect of national laws and regulations.
The 1st EPBN Advocacy Papers is a comprehensive book of 9 cross sectors and 13 sector specific industry-driven papers, focusing on legislative and operational changes which will increase the competitiveness of the Philippines and lead to win-win solutions which will drive sustainable and inclusive economic growth.
To help resolve the issue on foreign equity ownership on certain industries where foreigners are limited to a minority 40 percent share in favor of Filipinos with 60 percent, the EPBN has urged government to make a clear definition of what is a public utility and what is not.
To further open up the economy for foreign direct investments (FDIs), which only stood at $6.2 billion in 2014, the EPBN also recommended to revise the Foreign Investments Negative List to remove provisions including the practice of professions and foreign ownership restrictions on investment houses, lending firms, financing companies, among others.
Raeuber, who is also chairman of the EPBN Steering Committee, also noted of other legislative reform bills they are supporting.
Similarly, the EPBN has called for the establishment of a Department of ICT, liberalizing and modernizing of the national procurement framework, and maintaining investor friendly incentives schemes to attract quality investment and trade partners.
Through the EPBN, subsectors such as agribusiness, manufacturing, tourism, information technology-business process management (IT-BPM), logistics, and construction will be promoted in view of their potential to contribute to employment generation as well as rapid and sustained growth, Balisacan added.
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