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Reporters CONGRESS ratified on Wednesday the proposed Corporate Recovery and Tax Incentives for Enterprises (CREATE) law,  which will cut corporate income tax (CIT), streamline fiscal incentives and ease coronavirus disease 2019 (COVID-19) vaccine importation. The final version of CREATE will now be sent to Malacañang for President Rodrigo R. Duterte’s signature. It will immediately slash CIT to 25% from 30% which is currently one of the highest in Southeast Asia. It further cuts corporate income tax to 20% for micro, small, and medium enterprises with net taxable income below P5 ...

Reporter PHILIPPINE STOCKS closed higher on Tuesday as investor sentiment got a lift from the Bicameral Conference Committee’s approval of the proposed Corporate Recovery and Tax Incentives for Enterprises Act (CREATE). The bellwether Philippine Stock Exchange index (PSEi) improved by 53.12 points or 0.77% to close at 6,867.88, while the broader all shares index rose 40.5 points or 0.98% to 4,144.17. AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail that the market improved as investor sentiment was boosted by the approval of the CREATE bill by the Bicamer...

February 2, 2021 | 12:33 am Font Size PHILIPPINE STAR/MICHAEL VARCAS THE PROPOSED Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), as approved by the Bicameral Conference Committee, will grant incentives to exporters and “critical” domestic enterprises for up to 17 years. During Monday’s session, Senate Majority Leader Juan Miguel F. Zubiri said the bicameral panel officially approved the measure that reconciled the disagreeing provisions of Senate Bill No. 1357 and House Bill No. 4157. The House of Representatives and the Senate are expected to ratify the re...

February 1, 2021 | 12:31 am Advertisement AAA The Duterte administration may run out of time to pursue its key reform measures. — PHILIPPINE STAR/MICHAEL VARCAS THE coronavirus crisis and lawmakers’ preparations for the 2022 national elections could hamper efforts to legislate reforms to boost the Philippine investment climate, Moody’s Investors Service said. “The combination of the coronavirus pandemic and the forthcoming election cycle possibly exerts an opportunity cost with regards to the implementation of further reform that would build on recent g...

MANILA, Jan. 26 -- Finance Secretary Carlos Dominguez III has called on lawmakers to help jumpstart the Philippines’ recovery from the global economic slump unleashed by the  lingering COVID-19 pandemic by acting swiftly on “doable” priority measures such as  long-due reforms in the corporate income tax (CIT) and fiscal incentives system and easing the "inordinate" restrictions on foreign ownership in certain sectors of the economy.  These priority measures include the proposed Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) and amendments to  “anachronistic”...