“The House will simply adopt a fiscally viable Senate version. We want this reform to happen,” Salceda said, adding that the measure was crafted to respond to the pandemic-induced economic crisis. The recalibrated version of the Corporate Income Tax and Incentives Reform Act (Citira), Create is the second package of the Duterte administration’s Comprehensive Tax Reform Program. It aims to lower the corporate income tax (CIT) rate from 30 percent to 25 percent this year, and by 1 percentage point annually starting in 2023 until it reaches 20 percent in 2027. “Under Create, we can mix and match incentives to the specific needs of these elephant-sized investments.

Source: Manila Times August 28, 2020 16:29 UTC