MANILA, Philippines Vaccine production and development are among the high-value industries qualified for tax incentives for the longest period under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law. This developed as the Fiscal Incentives Review Board (FIRB) adopted during its second meeting last week a framework that lines up industries qualified to get incentives under the law. Under the board’s Strategic Investment.
BOI sees CREATE IRR completion this month, SIPP in January 2022 – Manila Bulletin mb.com.ph - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mb.com.ph Daily Mail and Mail on Sunday newspapers.
Published May 14, 2021, 3:14 PM
Philippines and Japan have achieved near-balanced trade relationships and are expected to further improve under the new tax and incentives regime of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.
Masataka Fujita, ASEAN-Japan Center Secretary-General, cited the trade relationship in his opening remarks at the webinar conducted by the Department of Trade and Industry/Board of Investments on the CREATE Act and the Strategic Investment Priorities Plan (SIPP).
“Annual trade statistics from the Japanese Ministry of Finance show that Japan exports to the Philippines totaled 940 billion yen and imports to Japan from the Philippines were 990 billion yen in 2020. This shows that Japan and the Philippines have a near-balanced trade relationship,” noted Fujita.
SIPP to start in January 2022 mb.com.ph - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mb.com.ph Daily Mail and Mail on Sunday newspapers.
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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.