MANILA, Philippines — Senate President Francis Escudero sees the creation of new jobs under a proposed law that provides a “consistent” tax incentives regime that would be attractive to local and foreign investors.
He said President Ferdinand Marcos Jr. is set to sign on Monday the proposed Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act.
The senator on Sunday said the measure is a priority legislation of the Marcos administration “meant to spur economic growth in the country.”
It will amend 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.
“CREATE MORE seeks to encourage more investors to come to the Philippines by providing a more predictable and sustainable playing field,” Escudero said in a statement.
The new law will simplify and streamline the value added tax provisions of RA 11534, particularly on the processing of value added tax (VAT) refund claims and the VAT zero-rating on local purchases.
“The bottomline is that it will create a more favorable investment climate that will create more jobs, spur progress without harming our revenue base,” Escudero said.
“What the investors need is clear, coherent, consistent rules subject to uniform interpretation and implementation,” he added.
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