Philippines talks incentives at forum
VYING FOR BUSINESS: The Philippines last month passed a law to lower corporate income taxes to attract more firms to invest and open manufacturing facilities there
Staff writer, with CNA
The Philippines highlighted new tax incentives for investing and operating in the country at the annual Philippine Investment Forum in Taipei on April 15.
The forum, hosted by the Manila Economic and Cultural Office (MECO), focused on the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), which was signed into law by Philippine President Rodrigo Duterte on March 26 and takes effect on July 1.
The act lowers the corporate income tax rate from 30 percent to 25 percent for large corporations and to 20 percent for small businesses.
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Third of four parts
Republic Act No. 11534, also known as the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), is said to be the first-ever revenue-eroding tax reform package. The largest economic stimulus program in the country’s history, it provides major amendments to our tax and incentives laws with the goal of helping businesses move into post-pandemic recovery while encouraging foreign investments into the country. The law took effect on April 11, 2021.
The first and second parts of this four-part article discussed the passage and goals of the CREATE Act, as well as the exemption of foreign-sourced dividends, the repeal of improperly accumulated earnings tax, tax-free exchange, additional provisions to consider and provisions that were vetoed.
Philippines offers new incentives at Investment Forum in Taipei
04/20/2021 12:28 PM
Photo courtesy of Manila Economic and Cultural Office (MECO)
Taipei, April 20 (CNA) The Philippines highlighted new tax incentives for investing and operating in the country at the annual Philippine Investment Forum in Taipei on April 15.
The forum, held by the Manila Economic and Cultural Office (MECO), focused on the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), which was signed into law by President Rodrigo Duterte on March 26 and takes effect on July 1.
The act lowers the corporate income tax rate from 30 percent to 25 percent for large corporations and to 20 percent for small businesses.
MANILA, Apr. 19 Secretary Carlos Dominguez III underscored Monday the firm resolve of the Department of Finance (DOF) to keep the country’s strong fiscal position and ensure ample financial resources in the protracted battle against the COVID-19 pandemic and the parallel efforts to reinvigorate the economy.
Speaking on the occasion of the DOF’s 124th anniversary, Dominguez thanked the men and women of the Department for doing their part in the “extremely difficult” task of getting congressional approval for the needed measures under the Comprehensive Tax Reform Program (CTRP), which has helped “accelerate poverty reduction and attain the President s promise of genuine change.”
The Philippines CREATE Act Comes into Effect, Pushing for Accelerated Economic Recovery
The Philippines CREATE Act Comes into Effect, Pushing for Accelerated Economic Recovery April 16, 2021 Posted by ASEAN Briefing Written by Lisa Prodent Reading Time: 4 minutes
The CREATE Act is a time-bound and tailor-made set of corporate and tax reforms to counter the effects of COVID-19 on the Philippines’ economy.
The Act reduces the financial burden on foreign and domestic companies through various tax incentives.
Through the CREATE Act, the government hopes to increase the country’s investment appeal and better compete with its ASEAN counterparts.
The Corporate Recovery and Tax Incentives for Enterprises Act (CREATE Act), was passed into law on March 26 this year. The Act’s purpose is to grant tax relief for companies in financial need, provide transparent tax provisions, and further increase the competitiveness of th