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The Senate has approved on third and final reading the measure that seeks to clarify that all private schools –both non-profit and for profit—are entitled to the one percent preferential tax rate under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law.

Senator Pia Cayetano on Tuesday, August 3 vowed to expedite the passage of the bill that seeks to clarify the controversy regarding the preferential tax rates of private schools.

The House Ways and Means Committee on Monday, August 2, approved the draft measure that aims to define the tax rates for propriety educational institutions (PEIs) and allow them to avail of preferential rates on taxable income.

The Coordinating Council of Private Educational Associations (COCOPEA), which counts over 2,500 private educational institutions as members, called on Congress to immediately support the enactment of two bills to permanently rescind the imposition of 150-percent tax hike on private schools.

BETTER DAYS

The “Make It Happen in the Philippines” campaign and the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act will help foreign investors expand their markets when they invest in the country, Philippine Ambassador to Japan Jose C. Laurel V told Japanese businessmen.

Foreign business chambers and exporters groups have urged for the passage of other economic bills pending in Congress to complete the new Republic Act 11534, the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), which they said is one of the most important fiscal bills enacted in the Philippines in the last three decades.

Economic activities listed under the 2020 Investment Priorities Plan (IPP) will serve as the initial projects that will qualify for incentives under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act (CREATE) Law, Trade and Industry Secretary Ramon M. Lopez said.

The Board of Investments (BOI), the Philippines’ premier investment promotion agency, said more projects in the pipeline such as motorcycle engine assembly project, data centers and IT infrastructure network, advanced metal/plastic packaging manufacturing facility, modern textile assembly are expected to materialize with the signing into law the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.

Duterte clips FIRB powers, oil refinery gets perks

The Congress-ratified Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act will relax the ‘tax regime’ to be enforced for operators of oil refining facilities in the country.

The Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act can bring in over P200 billion in new investments and generate as much as 2 million additional jobs, according to Trade and Industry Secretary Ramon M. Lopez.