Press Release - Imee: Gov t shouldn t surrender on investments in ecozones senate.gov.ph - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from senate.gov.ph Daily Mail and Mail on Sunday newspapers.
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.
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. 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.
Press Release
Pia: CREATE passage to end business uncertainty, guide PH recovery from the pandemic
Senator Pia S. Cayetano sees an end to investor uncertainty in the country with the impending passage of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill by the Senate and the House of Representatives.
The Senate Ways and Means Committee Chair issued the remark after she met informally with the members of both Houses led by the House Ways and Means Chair to discuss the disagreeing provisions in the versions of the two chambers. I would like to report to the Filipino people and to our business community that the CREATE bill, the landmark legislation that the Senate passed in November last year, is finally moving forward, she said.
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 report today.
“The incentives scheme for registered enterprises under the Senate version would also be retained, save for some changes in the incentives to be granted for both exporters and ‘critical’ domestic market enterprises, and for general domestic market enterprises,” Senator Pia S. Cayetano said in a statement.