Senators on Thurday, July 29, again called for an amendment of the country's tax code to provide a "permanent" solution to the erroneous interpretation of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. Senate President Pro Tempore Ralph Recto (Senate PRIB) Senate President...
The Department of Finance (DOF) said President Duterte has now accomplished eight tenths of his economic reform program that provided income tax cuts for individuals and corporations. In a statement, Finance Secretary Carlos G. Dominguez III said Wednesday, July 28, that 85 percent of the Duterte...
The government incurred hefty foregone revenues due to fiscal incentives enjoyed by favored enterprises one year before the landmark congressional approval of the corporate recovery and tax incentives for enterprises (CREATE) law. According to the report submitted by the Department of Finance -...
Senate Minority Leader Franklin Drilon on Wednesday proposed that another resolution be crafted to complement the approval of a Senate bill that seeks to amend tax regulations governing private schools and institutions. Drilon, during the Senate Ways and Means Committee hearing on Senate Bill No....
Senator Risa Hontiveros said the Bureau of Internal Revenue (BIR) should revoke the order imposing a 25 percent tax increase on private schools as this may only displace more students should these institutions are forced to close due to increased economic pressure due to the coronavirus (COVID-19)...
The House Committee on Ways and Means has approved the measure that seeks to put a stop to a government policy imposing higher tax on private schools and hospitals. Committee chairman and Albay Representative Joel Salceda presided over the panel meeting that approved the consolidation of House...
The chairman of the House Committee on Technical Education on Thursday, June 10, decried as “unconscionable” the decision of the Bureau of Internal Revenue to impose on private schools a 150 percent increase in taxes. Baguio City Rep. Mark Go chided the BIR’s decision which enjoys the support...
Senator Sonny Angara is now seeking to amend a section in the country’s National Internal Revenue Code (NIRC) in order to correct the Bureau of Internal Revenue’s (BIR) wrong interpretation on the tax imposed on proprietary educational institutions. Angara, in filing Senate Bill No. 2272,...
The Bureau of Internal Revenue (BIR) said the reduction of the percentage rate from three to one percent under the Corporate Recovery and Tax Incentives (CREATE) Act applies to both corporate and individual taxpayers. BIR Commissioner Caesar R. Dulay (Photo from BIR) It noted, however, that...
Implementation of the Strategic Investment Priorities Plan (SIPP), a list of priority areas that will be entitled to tax incentives under the new Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law, is expected to take effect in January 2022. Trade and Industry Undersecretary...
The newly reconstituted Fiscal Incentives Review Board (FIRB) aims to complete the implementing rules and regulations (IRR) of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law ahead of the deadline. Following the first meeting of the FIRB board last April 14, the body set May...
Existing registered business enterprises (RBEs) in the Philippine Economic Zone Authority (PEZA) or other investment promotion agencies (IPAs) might find the new CREATE Law as ‘bad faith’ on the part of the government. This was raised by PEZA Deputy Director General Tereso Panga following the...
