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INVESTOR firms within Clark and Subic Freeports, big business groups including the IT and Business Process Association of the Philippines (IBPAP) and the American Chamber of Commerce (AmCham), have passed a resolution urging the government to review the implementing rules and regulations (IRR) of Corporate Recovery and Tax Incentives for…
IT has been more than two years since the promulgation of Republic Act 11534, or the 'Create Act,' but taxpayers are still trying to make sense of the value-added tax (VAT) rules introduced by the said law, particularly those affecting enterprises registered with investment promotion agencies (IPAs). The Bureau of Internal Revenue (BIR) has issued regulations implementing the VAT provisions of the Create Act and a number of circulars to address unclear matters.
The Fiscal Incentives Review Board (FIRB) gave the green light for 25 projects— collectively worth more than a quarter of a trillion pesos—to enjoy tax incentives under the CREATE (Corporate Recovery and Tax Incentives for Enterprises) Act during the Marcos administration's first year in office, the Department of Finance said.
$88-M investments secured by Marcos to materialize within 2023
‘Let RTWPB, not the Senate, decide on wage increase’