MANILA, Philippines — President Ferdinand Marcos Jr. on Monday signed Republic Act 12066, also known as the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) law.
The new law amends Republic Act 11534, or the original CREATE Act, that was crafted to help enterprises recover from the impact of the pandemic by lowering the corporate income tax rates and make the country more appealing to businesses by rationalizing fiscal incentives.
“The reforms we have instituted in CREATE MORE are a testament to our firm resolve to roll out the red carpet for investors, usher in critical investments, and foster a conducive and robust environment for businesses to thrive,” Marcos said during the ceremonial signing held in Malacañang.
“The Philippines is open for business, and the Filipino people means business,” he added.
The new law further streamlines the value-added tax (VAT) refund process by limiting the documentary requirements and addresses the VAT concerns raised by export-oriented enterprises.
To address investors’ pain points and cultivate an investment-friendly climate, RA 12066 also introduced various reforms such as the rationalization and streamlining of incentives-related processes.
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