INDUSTRY groups on Monday backed Sen. Ralph Recto’s proposal to create a separate set of incentives for domestic and foreign enterprises in the proposed Corporate Recovery and Tax Incentives for Enterprises (Create) bill. It also seeks to rationalize incentives currently being enjoyed by select firms, especially those in economic zones. Recto earlier laid out three options on how incentives should be rationalized. American Chamber of Commerce of the Philippines Senior Advisor John Forbes also welcomed the options presented by Recto. “Tax incentives really matter and the best proof of that is the industry, which was hit by the removal of certain tax incentives when Train 1 ( Tax Reform for Acceleration Inclusion) was passed.

Source: Manila Times November 16, 2020 17:22 UTC