Intends to lower the corporate income tax rate, reform the corporate income tax system, and broaden the tax base by modernizing investment tax incentives to enhance fairness, improved competitiveness, plug tax leakages, and achieve fiscal sustainability.Endeavors to address several major policy issues as regards to:a. Philippines having the highest corporate income tax rate in the ASEAN region but having the lowest collection efficiency because of very generous tax incentives that are given in perpetuity and in lieu of other taxes;b. The country's investment tax incentive system is very complex which result in a system that is less transparent, less targeted, not time-bound, and not performance-based;c. Tax Code is outdated which lacks adequate provisions to address transfer pricing and other anti-avoidance practices; andd. Very little involvement by the DOF in the formulation and grant of tax incentives to the registered business enterprises, though it is the steward of the government's fiscal health and mandated to formulate sound fiscal policy.