MANILA, Philippines — There will be more flexible incentives in the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) bill, which was previously called as the Corporate Income Tax and Incentives Reform Act (CITIRA), Albay Rep. Joey Salceda said on Saturday.
“The new CITIRA will now reduce corporate income taxes faster, from 1 percent every year to 5 percent immediately on the first year, and then 1 percent until we reach 20 percent,” Salceda said in a statement. “That frontloads development and expansion, which we need, since the need for economic expansion is very much here and now.”
According to Salceda, the measure will also provide a “net operating loss carry…
Keep on reading: New tax reform bill offers more ‘flexible incentives,’ says Salceda