Published April 17, 2021, 12:11 AM
In a virtual economic briefing to mark the 75th anniversary of the post-war bilateral relations between the Philippines and the United States, Finance Secretary Carlos Dominguez delivered his message right off the bat: “This pandemic is a test of fiscal stamina and it was fortunate that when it hit us, the Philippines was financially ready.”
First, the tax reforms initiated by the Duterte administration when it assumed office in mid-2016 assured a steady revenue flow to cushion the severe impact of a Luzon-wide lockdown at the onset of the outbreak in March 2020.
Second, “our record of fiscal discipline eased access to urgent financing as we battled the pandemic.” Despite the surge in the country’s debt-to-GDP ratio from the historic low of 39.6 percent in 2019 to more than 54.5 percent last year, “we had ample fiscal space to absorb the huge financial shock” brought on by the double whammy of unbudgeted spending and decline in ta
Create law in the calendar year 2020 FLOYD PAGUIO
APRIL is the busiest month for most accountants, if not all, as the deadline for filing of the annual income tax return (AITR) of registered entities falls on or before the 15th day of the 4th month following the close of the taxpayer’s taxable year (April 15) for entities reporting on a calendar year (December 31).
Adding to the heavy workload of accountants are certain recent critical developments affecting the completion of financial statements and audit such as the implementation of a stricter community quarantine status, the nonextension of the April 15 deadline and the enactment of Republic Act 11534 (Create Law).
Foreign business chambers and exporters groups have urged for the passage of other economic bills pending in Congress to complete the new Republic Act 11534, the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), which they said is one of the most important fiscal bills enacted in t
Benefits for Japanese investors highlighted MANILA, PHILIPPINES - Media OutReach - 12 April 2021 - The Philippines has enacted a landmark law that cuts corporate income tax by as much as 10 percent and rationalizes fiscal incentives, thereby serving as the biggest stimulus for businesses in the country s history. On March 26, President Rodrigo R. Duterte signed Republic Act No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) into law after a joint Philippine Congressional panel ratified it in February. With the new law, the Philippine government is providing about P1 trillion (nearly JPY2.3 trillion) worth of tax relief to businesses over the next 10 years.
Benefits for Japanese investors highlighted
MANILA, PHILIPPINES â Media OutReach â 12 April 2021 â The Philippines has enacted a landmark law that cuts corporate income tax by as much as 10 percent and rationalizes fiscal incentives, thereby serving as the biggest stimulus for businesses in the countryâs history.
On March 26, President Rodrigo R. Duterte signed Republic Act No. 11534 or the âCorporate Recovery and Tax Incentives for Enterprises Actâ (CREATE) into law after a joint Philippine Congressional panel ratified it in February.
With the new law, the Philippine government is providing about P1 trillion (nearly JPY2.3 trillion) worth of tax relief to businesses over the next 10 years.