Published January 12, 2021, 1:30 PM
The Philippine Stock Exchange, Inc. and the Philippine Dealing System Holdings Corporation have expressed strong support for the passage of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Bill.
The CREATE Bill is another landmark bill in a series of reform measures intend to institute much-needed improvements in the tax system.
“The PSE and PDS believe that the immediate lowering of the corporate income tax to 25 percent effective July 1, 2020, will make the country’s tax rates more competitive vis-a-vis its peers in the ASEAN region and make the Philippines an attractive investment destination and the domestic capital market a viable venue for fundraising,” said the PSE and PDS in a joint statement.
BusinessWorld
January 12, 2021 | 12:32 am
By
Reporter
AN ELECTRONICS exporters industry group is asking lawmakers to reconsider the potential cap on investments reviewed by investment promotions agencies (IPA).
Under Senate Bill 1357 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, IPAs like the Philippine Economic Zone Authority will review investment projects valued at P1 billion or lower, while the Fiscal Incentives Review Board (FIRB) approves larger projects.
Semiconductor and Electronics Industries in the Philippines, Inc. (SEIPI) President Danilo C. Lachica said that the industry group is hoping for a higher threshold for quicker approval processes under the IPAs.
“We will send our inputs to the House of Representatives. Many investments are over the P1-billion cap. Majority will be at or below P5 billion,” he said in a mobile message on Monday.
Seven Philippine firms plan to go public or offer real estate investment trusts (REIT) this year, the stock exchange said on Monday, representing a spurt in capital market activity in an economy still shaken by the impact of the COVID-19 pandemic.
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