The Coordinating Council of Private Educational Associations (COCOPEA) on Monday, Sept. 27, commended the Senate for passing on third and final reading the measure that seeks to clarify that all private schools are entitled to the one percent preferential tax rate under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law.
Under Senate Bill 2407 entitled "An Act Clarifying the Income Taxation of Proprietary Educations Institutions, private schools will be qualified for a concessionary tax rate of one percent under the CREATE Law, instead of the 150-percent increase imposed by a recent regulation by the Bureau of Internal Revenue.
"We are confident, that owing to the solidarity of intent and objective of both Houses in strengthening the complementary role of private education in our country, the BICAM members would be able to swiftly come to an agreement to an enrolled bill to be signed by the President as soon as possible," COCOPEA Chairman Anthony Jose M. Tamayo said in a statement.
With just a few days left before the session breaks in October for the filing of candidacies for the 2022 national elections, COCOPEA hopes that the bill be passed into law "as soon as possible."
"The millions of stakeholders of the private education sector and the linked ecosystem that depend on the continuity of our schools would be deeply grateful to our Senators and Congressmen who tirelessly worked in passing this landmark legislation," Tamayo added.
READ MORE: Senate OKs bill granting private schools 1% preferential tax relief