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.
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.
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.
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.