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 -...
Should economic zone-based business process outsourcing (BPO) companies implementing a work-from-home (WFH) scheme get tax incentives? The Department of Labor and Employment (DOLE) thinks so. (Photo from DOLE Facebook page) According to DOLE Secretary Silvestre Bello III, Information Technology and...
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...
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...
The proposed legislated franchise for the Bulacan airport project will imperil all existing and future tax laws in the country, economic and transportation experts warned. In a virtual briefing, Action for Economic Reforms coordinator Filomeno Sta. Ana III and transportation expert Rene Santiago...
