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 -...
The Light Rail Manila Corporation (LRMC), the private operator of the Light Rail Transit Line 1 (LRT-1), bagged a Silver Stevie® Award under the coronavirus disease (COVID-19) Response category during this year's Asia-Pacific Stevie Awards. (Photo from LRMC) "We are honored and grateful for this...
The finance and trade departments signed the implementing rules and regulations (IRR) of the corporate recovery and tax Incentives for enterprises (CREATE) law, the government’s largest fiscal stimulus package for businesses in the country’s history. Ahead of the July 10, 2021 deadline, Finance...
BETTER DAYS Senator Sonny Angara Last March, President Duterte enacted into law Republic Act 11534, more widely known as the Corporate Recovery and Tax Incentives for Enterprises or CREATE Act. Certified at the time as urgent by Malacañang, the law was touted as one of the government’s critical...
It seems that Malacañang is unlikely to reverse a Bureau of Internal Revenue (BIR) rule imposing higher corporate income tax on private schools in the country for now. President Rodrigo Duterte (File photo/Malacañang) Presidential Spokesman Harry Roque declared Thursday that the Palace supports...
The Fiscal Incentives Review Board (FIRB) has adopted the framework for the grant of incentives to qualified industries under the government’s Strategic Investment Priorities Plan (SIPP). As provided in the newly enacted Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law that...
Senator Nancy Binay on Sunday urged the Bureau of Internal Revenue (BIR) to “have a heart” and spare private schools from a 150 percent increase in income tax. Binay said the BIR should withdraw its Revenue Regulation No. 5-2021 which seeks to impose higher income tax on so-called proprietary...
A ray of hope shone through the thick fog of anxiety over the latest COVID upsurge: the signing into law by President Duterte of Republic Act 11534, the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE). It is regarded as a “historic economic reform” that is “one of the...
ABS-CBN Corporation was again honored for its good corporate governance alongside other top organizations in the Philippines in the ASEAN Corporate Governance Scorecard (ACGS) Golden Arrow Awards. Just like in 2018, ABS-CBN was the only media company that made it among the outstanding domestic...
Eight firms under the SM group of companies received Golden Arrow Awards from the Institute of Corporate Directors (ICD) for performing well in the ASEAN Corporate Governance Scorecard (ACGS). In a statement, the conglomerate said this is an assessment benchmarked against international best...
