March 18, 2021 | 12:33 am Font Size
REUTERS
THE CORPORATE RECOVERY and Tax Incentives for Enterprises Act (CREATE), which is now awaiting President Rodrigo R. Duterte’s signature, is projected to provide around P1 trillion worth of tax relief over the next decade, the Finance chief said.
“CREATE is the largest fiscal stimulus program for enterprises in the country’s history, providing P1 trillion worth of tax relief over the next 10 years,” Finance Secretary Carlos G. Dominguez III said in his presentation at the Southeast Asia Development Symposium of the Asian Development Bank (ADB) on Wednesday.
Congress passed CREATE in February, but Mr. Duterte has yet to sign it. The priority measure will lapse into law on March 27.
March 3, 2021 | 12:33 am Font Size
PHILIPPINE STAR/MICHAEL VARCAS
THE government is pushing for the passage of 25 priority measures before the end of the year, including new taxes on digital platforms and offshore gaming operators, further liberalization of the retail trade sector and the last two remaining tax reform packages.
The Legislative-Executive Development Advisory Council (LEDAC) Executive Committee approved the common legislative agenda for the 18
th Congress during a meeting on Feb. 18, according to the National Economic and Development Authority (NEDA).
“These bills are crucial in ensuring the country’s economic recovery and in regaining our development trajectory that was held back by the COVID-19 pandemic. We will continue working with Congress to move the legislative agenda forward and enact these priority legislations within 2021,” Acting Socioeconomic Planning Secretary and LEDAC Secretariat Head Karl Kendrick T. Chua said in a statement.
endIndex:
Metro Manila (CNN Philippines, March 3) – The last two packages of the Comprehensive Tax Reform Program (CTRP) and a measure that will aid pandemic-stricken small businesses are among the top legislative agenda of the Legislative-Executive Development Advisory Council (LEDAC) this year.
LEDAC determines and recommends to the President the top socio-economic development goals affecting national development.
Acting Socioeconomic Planning Secretary and LEDAC Secretariat Head Karl Kendrick Chua said these pending bills in Congress are important for the country s economic recovery amid the COVID-19 pandemic. These bills are crucial in ensuring the country s economic recovery and in regaining our development trajectory that was held back by the COVID-19 pandemic. We will continue working with Congress to move the legislative agenda forward and enact these priority legislations within 2021, said Chua.
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