LOOK: CREATE`s tax reforms hope to help business recover, and transform

Sharing with you the exerpt from the Department of Finance Facebook page that talks about the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) bill, which includes amendments from the Corporate Income Tax and Incentives Reform Act or CITIRA bill. 

What enhancements to CITIRA are in CREATE?

Better investments equal better opportunities for the Filipino people! Responding to the challenges brought about by the COVID-19 pandemic to help micro, small, and medium enterprises (MSMEs) get back on their feet, the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) includes:

? a faster reduction of the corporate income tax (CIT) rate and longer net operating loss carryover (NOLCO) for losses of small businesses in 2020;
? flexibility in the grant of incentives, including non-tax incentives; and
? a longer transition period for firms currently enjoying the 5% tax on gross income earned (GIE) incentive. This will be advantageous for current companies enjoying these incentives.

 

Post can be found here : https://www.facebook.com/DOFPH/posts/1439941802833765