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Tax Notes: BIR clarifies Corporate Income Tax issues under the Create Act


SunStar
+
June 02, 2021
The Bureau of Internal Revenue (BIR) has addressed the questions and concerns of taxpayers and stakeholders on corporate income taxation in its Revenue Memorandum Circular (RMC) 62-2021 issued on May 17, 2021. The RMC clarifies BIR Revenue Regulations (RR) 5-2021.
Which corporate income tax rate should be used?
Under the Corporate Recovery and Tax Incentives for Enterprises (Create) Act, domestic corporations may be subjected to a lower regular corporate income tax (RCIT) rate of 25 percent starting July 1, 2020. Meanwhile, corporations with net taxable income not exceeding P5,000,000 and total assets not exceeding P100,000,000 excluding the land on which the particular business entity’s office, plant and equipment are situated, are subject to a much lower RCIT rate of 20 percent. ....

Commission On Higher Education Ched , Bureau Of Internal Revenue , Skills Development Authority Tesda , Tax Incentives For Enterprises Create , Department Of Education Deped , Internal Revenue , Revenue Memorandum Circular , Corporate Recovery , Tax Incentives , Higher Education , Technical Education , Skills Development Authority , Create Act , Tax Code , Presidential Decree , தரகு ஆன் அதிக கல்வி செட் , பணியகம் ஆஃப் உள் வருவாய் , வரி சலுகைகள் க்கு நிறுவனங்கள் உருவாக்கு , உள் வருவாய் , வருவாய் மெமோராண்டம் வட்ட , பெருநிறுவன மீட்பு , வரி சலுகைகள் , அதிக கல்வி , தொழில்நுட்ப கல்வி , திறன்கள் வளர்ச்சி அதிகாரம் , உருவாக்கு நாடகம் ,