Pirmado na ni Pangulong Rodrigo Roa Duterte ang RA No. 11534 o Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act na pinakamalaking stimulus package ng gobyerno para sa micro, small, and medium enterprises (MSMEs) na apektado ng COVID-19.
“The impact of CREATE is two-fold. First, it provides immediate relief to our MSMEs with a 5 or 10 percentage point reduction in the regular corporate income tax (CIT) rate. Second, it brings our corporate tax rate closer to our ASEAN peers and enhances our fiscal incentives system to help attract more foreign direct investments (FDIs), which will help generate more jobs and accelerate our recovery,” paliwanag ni Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua.
Layon ng batas na gawing performance-based, targeted, time-bound, at transparent ang corporate income tax system sa pamamagitan ng pag-alis ng 10 percentage points sa regular CIT, o 30-20 percent para sa domestic corporations na may taxable income na PhP5-milyon pababa at kabuuang assets na hindi hihigit sa PhP100-milyon.
Pabababain din nito ang regular CIT ng 5 percentage points o 30-25 percent para sa iba pang domestic at foreign corporations na sa kasalukuyan ay nagbabayad ng regular rate.
Sisiguruhin din ng batas ang accountability at transparency sa pagbibigay ng tax incentives sa pamamagitan ng Fiscal Incentives Review Board (FIRB).
“CREATE is an integral part of the economic recovery package, along with the Financial Institutions and Strategic Transfer (FIST) Act and the Government Financial Institutions Unified Initiative to Distressed Enterprises for Economic Recovery (GUIDE) bill. We thank the President and the Congress for approving this measure,” dagdag pa ni Acting Sec. Chua.
Hinikayat din ng Acting Socioeconomic Planning Secretary ang Kongreso na maipasa na sa lalong madaling panahon ang amendments sa Public Service Act, Foreign Investment Act, at Retail Trade Liberalization Act para i-relaks ang restriksyon sa FDIs, kahit na malaki ang maitutulong ng CREATE Act na mapabuti ang pakikipagkompetensya ng bansa sa global investments sa kabila ng global contraction ng FDIs dahil sa pandemya.
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