COPING WITH THE PANDEMIC’S ECONOMIC IMPACT THROUGH BETTER FISCAL INCENTIVES AND LOWER CORPORATE TAXES
APRIL is the busiest month for most accountants, if not all, as the deadline for filing of the annual income tax return (AITR) of registered entities falls on or before the 15th day of the 4th month following the close of the taxpayer’s taxable year (April 15) for entities reporting on a calendar year (December 31).
Adding to the heavy workload of accountants are certain recent...
THE Board of Investments (BoI) will be releasing a preliminary list of industries eligible for incentives under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, Trade Secretary and BoI Chairman Ramon M. Lopez said.
Albay Representative Jose Ma. Clemente S. Salceda last week said that he wants the BoI to release the initial list to be covered by the law.
A long period of uncertainty was ended after President Rodrigo R. Duterte signed Republic Act No. 11534, known as the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act on March 26.
The CREATE Act is said to be the first-ever revenue-eroding tax reform package and the largest economic stimulus program in the country’s history, with major amendments to...
The Bureau of Internal Revenue (BIR) has released four draft revenue regulations for the implementation of Corporate Recovery and Tax Incentives for Enterprises or Create Act.
According to the draft rule on corporate income tax (CIT), the Create Act will immediately cut the CIT rate from 30 percent to 20 percent for local businesses with...
Finance Secretary Carlos Dominguez III has lauded the timely enactment of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, a law signed by President Duterte primarily to provide businesses, especially micro, small and medium enterprises (MSMEs), with one of the largest stimulus packages ever in the country’s history in the form of sizable cuts in corporate..
A day before it was set to lapse into law, President Rodrigo Duterte signed the Corporate Recovery and Tax Incentives for Enterprises Act, or CREATE, which cuts corporate income taxes and provides incentives to help businesses recover from the pandemic and encourage foreign investments.
But Mr. Duterte vetoed several provisions that would have limited..
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