PRESIDENT Ferdinand “Bongbong” Marcos Jr. signed on Monday, November 11, 2024, the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy Act, which aims to generate more jobs for Filipinos and spur economic growth.
It also offers a more efficient process for excise tax refunds, in line with the government’s efforts to ease the way business is done in the country. The newly signed law also clarifies local taxation during the Income Tax Holiday and Enhanced Deductions Regime, which will create a fair and balanced system for local taxes and give businesses greater security.
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