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Philippines' House, Senate approve corporate tax breaks

Sen. Pia Cayetano, who led the Senate contingent during bicameral discussions on the bill, said she was happy about finally finding common ground with the House on the bill after it was sidelined for years. - PDI
MANILA (Philippine Daily Inquirrer/ANN): The Senate and the House of Representatives on Wednesday (Feb 3) ratified a key economic reform bill that would give companies a “much-needed tax break” by lowering the corporate income tax after the two chambers agreed on a consensus version.
The Senate approved the final, uniform version of the proposed Corporate Recovery and Tax Incentives for Enterprises Act, or CREATE, on Wednesday afternoon, a few hours after it was passed by the House. ....

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Senate, House approve Create bill

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. ....

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CREATE now awaits Duterte's signature

Reporters
CONGRESS ratified on Wednesday the proposed Corporate Recovery and Tax Incentives for Enterprises (CREATE) law,Â 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 MalacaÃ±ang for President Rodrigo R. Duterteâs 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 million and total assets below P100 million.
âHopefully, this will be implemented soon, as CREATE can be a ventilator that will help companies in ICU, or prevent them from entering one,â Senator Ralph G. Recto said in his explanation of vote. ....

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DTI hopeful CREATE Bill to mirror House's CITIRA – Manila Bulletin

The Department of Trade and Industry (DTI) expressed hopes that the final Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill will be close to the Corporate Income Tax and Incentives Reform Act (CITIRA) House version that provided a good framework of time-bound, performance-based, an ....

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