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Finance department seeks immediate passage of CREATE bill

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With just a few session days left in the legislative calendar, the Department of Finance seeks swift passage of the Corporate Recovery and Tax Incentives for Enterprises Act, otherwise known as the CREATE Act

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"A drop from 30 percent to 25 percent is actually a ₱42 billion reduction in our revenues in the second half of 2020 alone, ₱625 billion for the succeeding five years," Lambino said in an interview."This is really the first time the Department of Finance of the Philippines has proposed to the Philippine Congress a revenue-eroding tax reform measure. But we need it, and this is something that will really help our businesses.

Lambino added that government may offer 'superior incentives' to investors setting up in less developed areas of the country, to make sure jobs"go to the areas in the country where they are needed most."

 

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