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Spooked by VAT issue

Private schools that have been hard-hit by the economic impact of the coronavirus disease (COVID-19) pandemic received support from business groups as they now face a 150-percent increase in income tax rate.

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.

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.

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).

The Department of Finance (DOF) will look into the concerns raised by the Action for Economic Reforms (AER) regarding some provisions under the ratified corporate recovery and tax incentives for enterprises (CREATE) bill.

The soon-to-be enacted Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) will strengthen the culture of research, development, and innovation in the country, the Department of Finance (DOF) said.

The Board of Investments (BOI), the Philippine premier investment generation agency, has set a P1.25 trillion investments target in 2021, following the approval of P1.02 trillion in committed investments last year.

The Department of Trade and Industry (DTI) expressed hopes that the final Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill will be close to the Corporate Income Tax and Incentives Reform Act (CITIRA) House version that provided a good framework of time-bound, performance-based, and transparent incentives to investors. 

The Philippines and Japan have reaffirmed their commitment to further build on their strong economic partnership, which includes plans to expand Japanese investments in the country following favorable developments on a tax reform measure. 

Importation of critical medical medicines, including vaccines, are exempted from value added tax under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act starting January 1, 2021, according to Trade and Industry Secretary Ramon M. Lopez.

The Department of Finance (DOF) is hopeful that Congress could transmit to President Rodrigo R. Duterte its unified version of the corporate recovery and tax incentives for enterprises (CREATE) law within December.

The National Economic and Development Authority (NEDA) lauded the passage of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill in Senate that aims to help the country recover from the global crisis.

The Philippines has identified 90 investment leads with estimated initial project cost of $24.1 billion that are expected to materialize within a year, according to Trade and Industry Secretary Ramon M. Lopez.