Articles worth reading

75 LGUs receive P13 million each to improve water systems 

account_balanceMetro Manila access_time4 days ago

A total of 75 local government units (LGUs) nationwide will each get PHP13.33 million to fund the further improvement of their water systems, the Department of the Interior and Local Government (DILG) said in a report by Philippine News Agency. In a...

Budget Secretary Amenah Pangandaman

LGUs asked to fully utilize budget 

account_balanceMetro Manila access_time4 days ago

Budget Secretary Amenah Pangandaman on Wednesday called on local government units (LGUs) to ensure the full utilization of their respective budget allocations, according to a report by Philippine News Agency. During the fifth leg of the Public ...

Comelec set to disclose winning bidder for poll automation 

account_balanceMetro Manila access_time4 days ago

The Commission on Elections (Comelec) will decide on whether or not to award the contract for the 2025 midterm polls automation project worth over P18 billion to the lone bidder Miru Systems Co Ltd. this week, according to a report by Phili...

Metro News

DOF supports CREATE Law amendments 

account_balanceMetro News account_circleMike Solomon chat_bubble_outline0 Comments

The Department of Finance (DOF) on Wednesday expressed support to the proposed amendments to the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, according to a report by Philippine News Agency.

“The proposed amendments to the CREATE Act will enhance the incentives, clarify the rules and policies on the grant and administration of incentives to qualified enterprises, and address issues affecting the country’s investment climate,” Finance Secretary Benjamin Diokno said in a statement.

The CREATE to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) bill earlier filed by Albay Rep. Jose Ma. Clemente Salceda seeks to establish a streamlined tax refund system for registered business enterprises (RBEs).

Advertisement

It also covers the institutionalization of risk-based classification of claims and audit framework.

The proposed amendment aims to improve the timeliness, efficiency, and predictability of the value added tax or VAT refund process.

The proposed bill also aims to expand and enhance the deduction regime.

It also seeks to increase the deduction for power expenses from 150 percent to 200 percent, and 200 percent deduction on expenses relating to approved trade fairs, exhibitions, and missions.

Advertisement

The bill also proposes to clarify the transitory provision by exempting transitory RBEs under the 5 percent gross income earned (GIE) regime from all national and local taxes, including VAT and duty incentives.

The CREATE Act establishes a performance-based, time-bound, targeted, and transparent tax incentives regime in the country.

Pursuant to the law, the Cabinet-level Fiscal Incentives Review Board (FIRB) is mandated to oversee the grant and administration of incentives of investment promotion agencies (IPAs).

The DOF said as of end-August this year, the FIRB approved a total of 45 big-ticket tax incentive applications from various RBEs, with a total investment capital of PHP721.29 billion.

The FIRB implements an evaluation and impact analysis system before granting such incentives to RBEs to ensure that the fiscal support that the government grants to private enterprises leads to greater benefits to the people and the economy by new employment generation, innovation, capital infusion, and adoption of advanced technology.

The approved investment projects are expected to create 31,421 job opportunities, primarily in capital-intensive industries such as information and telecommunications infrastructure, transportation, manufacturing, and real estate projects.

Meanwhile, as of July this year, the various IPAs approved a total of 752 projects, with an investment capital of PHP175.67 billion and 49,170 committed jobs.

In total, 797 projects have already been approved under the CREATE Act, resulting in a total investment capital of PHP896.95 billion and 80,591 committed jobs.


date_rangeDate Published
4 months ago
shareShare article
folder_openArticle tags
content_copyCategorized under

Share your thoughts with us

Related Articles

EcoWaste Coalition Questions Rampant Sale of Unapproved Glutathione IV Drips and Other Skin Whitening Products

account_balanceMetro Manila chrome_reader_mode2 days ago

Amid the glutathione intravenous (IV) drip controversy at the Senate, the toxics watchdog group EcoWaste Coalition deplored the unabated marketing of such injectable products for lightening the skin in online shopping sites. Based on the monitoring ...

Entire House to tackle economic 'Cha-cha' 

account_balanceMetro Manila chrome_reader_mode6 days ago

The House of Representatives will convene as a Committee of the Whole on Wednesday to discuss the resolution proposing amendments to certain economic provisions of the 1987 Constitution, according to a report by Philippine News Agency. During t...

Taguig Love Caravan extends healthcare in EMBO barangays

account_balanceTaguig chrome_reader_mode1 day ago

The City of Taguig, under the leadership of Mayor Lani Cayetano, continues its commitment to providing accessible healthcare services to its residents through the Taguig Love Caravan. The recent caravan brought essential medical, dental, and nutritio...

PH ratifies LO accord against workplace violence, harassment 

account_balanceMetro Manila chrome_reader_mode4 days ago

The Philippines became the first country in Asia and the 38th in the world to ratify Convention No. 190 aimed at curbing violence and harassment in workplaces, the International Labour Organization (ILO) said in a report by Philippine News Agency. T...

×
Click on the article to continue reading
Quezon City adopts no contact apprehension system Red Cross pushes saliva test Vaccines from COVAX to arrive in Q1 Makati Shangri-La to close doors on Feb. 1 Cities in NCR to start vaccination simultaneously Mother, girlfriend of Filipino infected with UK variant also test positive Send Press Release MNC Facebook Page MNC Twitter Page MNC Instagram Page LGU Spotlight Barangay Front Business Sports Entertainment Metro Gen Metro Feature