INVEST BOOST
PRESIDENT Ferdinand Marcos Jr. signed into law the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act to spur economic growth.
The new law also aims to generate more jobs for Filipinos.
“CREATE MORE sets the stage for a business landscape that empowers our enterprises and enhances their growth prospects,” Marcos said during the ceremonial signing of the new tax law in Malacañang yesterday.
Marcos said the CREATE MORE Act will attract more investors both domestic and global that will help share the future of the country.
“By building on the reforms initiated through the CREATE Act, we have enhanced our tax regime [and] incentive framework, and making it more inviting for investment—while remaining steadfast in the principles of fiscal prudence and stability,” he added.
“CREATE MORE clarifies the rules of availment of VAT and duty incentives, and further extends its coverage to include non-registered exporters and high-value domestic market enterprises,” Marcos said.
Marcos said the law is a reflection of the government’s effort to foster a climate where businesses will flourish and continue to meaningfully contribute to the Philippine economy.
“Their feedback has enriched this legislation, a reflection of our resolve to foster a climate where businesses will flourish and continue to meaningfully contribute to the Philippine economy,” he said.
“By establishing clear timelines and deadlines, and by limiting compliance requirements to those mandated by law, we are promoting transparency and predictability,” he said.
The CREATE MORE Act also clarifies local taxation during the Income Tax Holiday and Enhanced Deductions Regime, which will create a fair and balanced system for local taxes and give businesses greater security.
The law will also establish a more efficient approval process by raising investment capital approval threshold for Investment Promotion Agencies from P1 billion to P15 billion, wherein only projects exceeding this amount will require review by the Fiscal Incentives Review Board.
