The reform package, CREATE. Now renamed “CREATE” (to mean “corporate recovery and tax incentives for enterprises act”), the revised bill is still for consideration by the Senate. The bill is due for third reading and passage by the House, based on the original bill embodied in package2 of the fiscal tax reform, known initially as TRAIN 2 and as CITIRA. The key point about the corporate income tax reform is to reduce rates so that it is aligned with the prevailing tax rate in the ASEAN region. The CREATE reform proposes to extend the applicability of the “net operating loss carryover” (NOLCO) provision in incentives from three to five more years for non-large taxpayers.

Source: Philippine Star June 11, 2020 16:07 UTC