REP. Joey Sarte Salceda of Albay took off his sports jacket and ran a hand on his blue tie during an online discussion (https://www.youtube.com/watch?v=xZIczR2aWjk) on a law that he touts as “the most readily available tool for economic recovery.” Salceda appeared exasperated, especially with the Bureau of Internal Revenue (BIR),…
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April 8, 2021 | 12:32 am Font Size
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REGISTERED INVESTORS’ inability to apply for new incentives could lead to their departure from the country, the Philippine Economic Zone Authority (PEZA) said on Wednesday.
While it welcomed the signing of Republic Act No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, PEZA noted one of the items vetoed by President Rodrigo R.Duterte may have a “big effect” on the existing foreign direct investors in the country.
The vetoed provision under CREATE would have allowed existing registered businesses to apply for extended incentives for the same activity, which Mr. Duterte called “fiscally irresponsible” and unfair to taxpayers and enterprises with no incentives.