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DTI-BOI hails PRRD signing of CREATE Act

DTI-BOI hails PRRD signing of CREATE Act
pia.gov.ph - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pia.gov.ph Daily Mail and Mail on Sunday newspapers.

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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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Press Release - Cayetano: Sponsorship speech on the Bicameral Conference Committee Report on the...

Press Release
Sponsorship speech on the Bicameral Conference Committee Report on the CREATE Bill
3 February 2021
Mr. President, as Chairperson of the Senate contingent to the Bicameral Conference Committee tasked to propose reforms on the Corporate Income Tax and Incentives system, I am elated, I am giddy with excitement to report to the Senate on the approved version of the CREATE Bill. Here are the major provisions of our measure, which the bicam committee adopted:
- Importation of Covid-19 vaccines are exempt from import duties. Note that the Senate version already included exemption of the vaccines from VAT.
- Enterprises have the option to choose between the Special Corporate Income Tax of 5% or Enhanced Deductions after enjoying the Income Tax Holiday (ITH) ....

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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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