SunStar File February 03, 2021 BOTH the Senate and the House of Representatives on Wednesday, February 3, 2021, ratified the bicameral conference committee report on the proposed Corporate Recovery and Tax Incentives for Enterprises Act (Create). The final version of the bill, which amends provisions of the National Internal Revenue Code, will be forwarded to Malacañang for approval by President Rodrigo Duterte. Under the bill, corporate income tax (CIT) will be reduced outright to 25 percent from the current 30 percent. While this would reduce government revenues by an estimated P37 billion, the same amount is expected to help businesses finance their operations and retain employees.