The Philippine Chamber of Commerce and Industry said it supports Senate Bill 2654, or the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy bill.
Mangio pointed out inconsistencies in the CREATE Act specifically the limit on the applicability of value added tax exemption on importation and VAT zero-rating on local purchases by registered export enterprises. PCCI said that under the CREATE Act, the VAT exemption incentive is supposed to be granted to “registered business enterprises “ in general. The law does not distinguish between export enterprises and domestic market enterprises operating within separate customs territories, it said.
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