Page 2 - Create Act News Today

INVESTOR firms within Clark and Subic Freeports, big business groups including the IT and Business Process Association of the Philippines (IBPAP) and the American Chamber of Commerce (AmCham), have passed a resolution urging the government to review the implementing rules and regulations (IRR) of Corporate Recovery and Tax Incentives for…

IT has been more than two years since the promulgation of Republic Act 11534, or the Create Act, but taxpayers are still trying to make sense of the value-added tax (VAT) rules introduced by the said law, particularly those affecting enterprises registered with investment promotion agencies (IPAs). The Bureau of Internal Revenue (BIR) has issued regulations implementing the VAT provisions of the Create Act and a number of circulars to address unclear matters.

The Fiscal Incentives Review Board (FIRB) gave the green light for 25 projects— collectively worth more than a quarter of a trillion pesos—to enjoy tax incentives under the CREATE (Corporate Recovery and Tax Incentives for Enterprises) Act during the Marcos administration's first year in office, the Department of Finance said.

$88-M investments secured by Marcos to materialize within 2023

‘Let RTWPB, not the Senate, decide on wage increase’

Tax Notes: BIR prior approval on VAT zero-rating of qualified purchases of Registered Export Enterprises (REEs) no longer required

Neda releases implementing rules on foreign ownership

The Department of Finance has opposed calls to evaluate the Corporate Recovery and Tax Incentives for Enterprises Act as it maintained that fiscal prudence must be exercised in the tax perks regime.

Philippine Matiere, head of the MEDEF delegation, said the move to liberalize the business climate in the country could prove beneficial for French companies.

Tax Notes: Firb allows IT-BPM registered business enterprises to transfer registration to BOI until Dec. 31